On Wednesday the popular averages again closed mixed. Nevertheless, the Dow Jones Industrial Average and S&P 500 reached all-time intraday highs. A spike upward in US Treasury yields weighed on growth stocks in the Nasdaq Composite.
Above is my three-month chart for the S&P 500 ETF (SPY). After a short pause from a gentle rise, the SPY popped upward following a peaceful presidential inauguration, leading to all-time intraday and closing highs on January 21. Another all-time intraday high was touched on January 26, then the SPY was shoved down amid heavy trading volume on January 27 & 29 with a bounce in between.
The 50-day SMA was slightly penetrated on January 29 before the SPY pushed above on February 1, with continuation toward an all-time intraday on February 16. Then a drift downward, but remaining above the 50-day SMA support at market closings a number of times in February.
There came a pop upward on March 9 with continuation to all-time intraday and closing highs on March 17. The mid-March downturn was held in check by the 50-day MA, which was briefly penetrated on March 25. Then the SPY shot above to records, including an all-time intraday high on Wednesday.
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