On Wednesday the popular averages slipped back to the downside. Fiscal stimulus negotiations continue with limited progress.
Above is my three-month chart for the S&P 500 ETF (SPY). A sustained rise began at mid-year, as 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.
The SPY's 50-day SMA proved to be supportive at the session's low on September11, with continuation upward during the first two days of that week. Then the SPY resumed dropping and fell through its 50-day SMA at the end of that week. As September transitioned into October, the SPY fluttered around that SMA. Then it soared above for four trading days before giving back most of that during the next five. So far this week SPY has held above its 50-day SMA.
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