Stock Market
Market Outlook
On Tuesday the popular averages flipped back to the upside. This despite Coronavirus cases growing in Europe, and tensions surrounding the possibility of a pre-election Supreme Court appointment delaying consideration of the next stimulus bill.
Above is my three-month chart for the S&P 500 ETF (SPY). The SPY was choppy as June transitioned into July. Then began a sustained rise while the 50-day simple moving average kept moving further above the 200-day SMA. On September 2 the SPY last attained all-time intraday and closing highs. Afterward it succumbed to profit taking. Nevertheless its 50-day SMA proved to be supportive at the session's low on September11, with continuation upward during the first two days of last week. Then the SPY resumed dropping and fell through its 50-day SMA at the end of last week. It continued downward on Monday before a rally on Tuesday.
Above is my three-month chart for the S&P 500 ETF (SPY). The SPY was choppy as June transitioned into July. Then began a sustained rise while the 50-day simple moving average kept moving further above the 200-day SMA. On September 2 the SPY last attained all-time intraday and closing highs. Afterward it succumbed to profit taking. Nevertheless its 50-day SMA proved to be supportive at the session's low on September11, with continuation upward during the first two days of last week. Then the SPY resumed dropping and fell through its 50-day SMA at the end of last week. It continued downward on Monday before a rally on Tuesday.
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