Stock Market
Market Outlook
On Friday the popular averages again closed to the upside. The S&P 500 again attained an all-time closing high. 10-yr treasury yields fell.
Above is my three-month chart for the S&P 500 ETF (SPY). There came a pop upward above the 50-day simple moving average 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 SPY's 50-day SMA, which was briefly penetrated on March 25. Then the SPY shot above to records, including all-time intraday and closing highs on May 7, before a drop.
The SPY's 50-day SMA again provided support on May 12. Then a stall which preceded a bounce up from that SMA on May 19, leading to another all-time closing high on Friday.
Above is my three-month chart for the S&P 500 ETF (SPY). There came a pop upward above the 50-day simple moving average 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 SPY's 50-day SMA, which was briefly penetrated on March 25. Then the SPY shot above to records, including all-time intraday and closing highs on May 7, before a drop.
The SPY's 50-day SMA again provided support on May 12. Then a stall which preceded a bounce up from that SMA on May 19, leading to another all-time closing high on Friday.
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