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The popular averages slipped to the downside on Wednesday, as the trade war drags on with a White House threat to blacklist Chinese surveillance companies for alleged human rights abuses.

Above is our 3-month chart of the S&P 500 exchange traded fund (SPY). Since March 11th the SPY has remained above its 200-day moving average. However concern later in March about a yield curve inversion led to a stumble.

On April 1st the SPY’s 50-day MA pushed above its 200-day MA, a welcome technical signal. However during the early days of this month Trump fanned the flames of a trade war, inspiring some investors to heed the long established advice to sell in May.

On May 13th the SPY crashed through its 50-day MA on more trade war concerns, and remained under despite the bounces on May 14th & 15th. The push back above that moving average on May 16th might have seemed encouraging until the fall back under on May 17th with continuation on Monday. That MA proved resistant on Tuesday and Wednesday.

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DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.

Updated following each market day

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