On Friday the popular averages again closed well to the upside. The Dow Jones Industrial Average and S&P 500 attained all-time intraday and closing highs. This despite the April increase in non-farm payrolls being far less than expected.
Tesla (TSLA +1.3%) CEO Elon Musk will host NBC's Saturday Night Live this weekend. I own Tesla shares.
Above is my three-month chart for the S&P 500 ETF (SPY). After recording an all-time intraday high on February 16, came a drift downward. But it remained above its 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 all-time intraday and closing highs on Friday.
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