Curt Renz Capital Resources

Stock Market

Market Outlook
On Friday the popular averages closed mixed. US treasury rates pulled back, alleviating some concerns about the discounted values of future earnings for growth stocks.

  Above is my three-month chart for the S&P 500 ETF (SPY). The panic selling amid heavy trading volume in late October appears to have been a precursor of a significant bottom. The move upward following the US elections pushed the SPY well above its 50-day SMA, leading to an all-time closing high on November 16. After the SPY hit more record highs there was a dip, before a bounce commencing mid-December. On January 8 for a second day it reached all-time intraday and closing highs.

   After a short pause, the SPY popped upward following a peaceful presidential inauguration, leading to all-time intraday and closing highs on January 21. Another all-time intraday high was touched on January 26, then the SPY was shoved down amid heavy trading volume on January  27 & 29 with a bounce in between. The 50-day SMA was slightly penetrated on January 29 before the SPY pushed above on February 1, with continuation toward an all-time intraday on February 16. Then a drift downward, but remaining above the 50-day SMA, which proved supportive on Tuesday, Thursday and Friday.
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