Stock Market
Market Outlook
On Friday the popular stock market averages closed mixed. Nevertheless, the S&P 500 and Dow Jones Industrial Average marked all-time intraday highs, but only the latter attained an all-time closing high. The yield fell on 10-yr treasury notes.
Tesla (TSLA +1.75%) achieved all-time intraday and closing highs. It launched a huge Chinese delivery center. S&P upgraded Tesla's debt to BB+ with a positive outlook. I own Tesla shares.
Above is my three-month chart for the S&P 500 ETF (SPY). After a dip from a record high, the SPY's 50-day simple moving average proved supportive on July 19, leading again to all-time intraday and closing highs on September 2.
In mid-September the SPY slid under its 50-day SMA. Then in late September the price rose to flirt with that SMA, until diving below as the month was ending. Earlier this month that SMA capped the price despite attempts to reach it. Last week on Thursday the SPY closed virtually at the high of the day and just a tad under the 50-day SMA. Then it sprang above the next day and climbed to an all-time intraday high on Friday.
Tesla (TSLA +1.75%) achieved all-time intraday and closing highs. It launched a huge Chinese delivery center. S&P upgraded Tesla's debt to BB+ with a positive outlook. I own Tesla shares.
Above is my three-month chart for the S&P 500 ETF (SPY). After a dip from a record high, the SPY's 50-day simple moving average proved supportive on July 19, leading again to all-time intraday and closing highs on September 2.
In mid-September the SPY slid under its 50-day SMA. Then in late September the price rose to flirt with that SMA, until diving below as the month was ending. Earlier this month that SMA capped the price despite attempts to reach it. Last week on Thursday the SPY closed virtually at the high of the day and just a tad under the 50-day SMA. Then it sprang above the next day and climbed to an all-time intraday high on Friday.
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