On Friday the popular stock market averages continued to the upside. The yield for 10-yr treasury notes also rose. Initial third quarter earnings reports are generally being well received.
Tesla (TSLA +3.0%) marked its highest close in over eight months after Jefferies raised its priced target to $950 from $850 and maintained its BUY rating. I own Tesla shares.
Above is mythree-month chart for the S&P 500 ETF (SPY). It marched toward an all-time intraday high on July 14. After a dip, the SPY's 50-day simple moving average proved supportive on July 19, leading to all-time intraday and closing highs on September 2.
In mid-September the SPY slid under its 50-day SMA, as often happens when vacations end and politicians go back to bickering. In late September the price rose to flirt with that SMA, until diving below as the month was ending. Late last week that SMA capped the price despite attempts to reach it. On Thursday the SPY closed virtually at the high of the day and just a tad under the 50-day SMA. Then it sprung above on Friday. Looking good.
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