On Friday the poplar averages were heading down in the morning before a climb to the upside. Treasury yields had surged upward in the morning in response to a seemingly strong February employment report. However it was noticed in the report that wages barely rose. Treasury yields then pulled back.
Above is my three-month chart for the S&P 500 ETF (SPY). 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 support several times in recent days until Thursday. Then it pulled back above on Friday afternoon.
You appear to be blocking the helpful ads on our website. If you wish this website to continue, please allow ads for this website. That can be done for this website, while still blocking ads for other websites. Thank you for your support.