On Friday the popular stock market averages closed to the downside, as quarterly Triple Witching options and futures expired. The yield rose on 10-yr treasury bills.
This was a down week for the market averages. But Tesla (TSLA +0.3%) closed up each of the five days, to end with its highest close since April 13. It continues to push above its 50 & 200-day simple moving averages, which formed a bullish Golden Cross on August 30. All quite encouraging. I own Tesla shares.
Above is mythree-month chart for the S&P 500 ETF (SPY). On June there came a brief dip below the 50-day simple moving average before a rebound on June 21, and general continuation toward an all-time intraday high on July 14.
After another dip, the SPY's 50-day SMA proved supportive on July 19, leading to all-time intraday and closing highs on September 2. This month the SPY has been sliding downhill, as often happens when vacations end and politicians go back to bickering. Falling under the 50-day SMA is somewhat concerning.
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