Curt Renz Capital Resources

Stock Market

Market Outlook
On Friday the popular stock market averages again closed to the downside. This on the day of the big annual LEAP options expiration.

   On October 14 the SPY closed virtually at the high of the day and just a tad under the 50-day SMA. Afterward it sprang above the next day and kept climbing to an all-time closing high on November 8. Then came a brief dip and recovery leading to an all-time intraday high on November 22.

   There came a big drop in the SPY on Black Friday followed by a choppy and downward trending week. The SPY managed to close virtually at its 50-day SMA on December 3. It marched to an all-time closing high on December 10, before slipping early the following week then missing a new high by a whisker on December 15.

   After that came drops resulting in a fall below the SPY's 50-day SMA. Then a four-day thrust taking it well above. Some zig-zagging followed before recording an all-time intraday high on January 4. Then plop on January 5, and a dip slightly below the 50-day SMA on January 7. The dip intensified early January 10, before rebounding to close just under that SMA. Then the SPY rose above on January 11 then see-sawed before the big dips this week. Falling under the 200-day moving average is a concern
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