On Friday before a three-day weekend, the popular stock market averages closed quite mixed. The yield rose for 10-yr treasury notes. Bank stocks were a drag following reaction to the JPM -6.25% earnings report.
On October 14 the SPY closed virtually at the high of the day and just a tad under the 50-day SMA. Afterward it sprang above the next day and kept climbing to an all-time closing high on November 8. Then came a brief dip and recovery leading to an all-time intraday high on November 22.
There came a big drop in the SPY on Black Friday followed by a choppy and downward trending week. The SPY managed to close virtually at its 50-day SMA on December 3. It marched to an all-time closing high on December 10, before slipping early the following week then missing a new high by a whisker on December 15.
After that came drops resulting in a fall below the SPY's 50-day SMA. Then a four-day thrust taking it well above. Some zig-zagging followed before recording an all-time intraday high on January 4. Then plop on January 5, and a dip slightly below the 50-day SMA on January 7. The dip intensified Monday morning, before rebounding to close just under that SMA. Then the SPY rose above on Tuesday with continuation on Wednesday before falling below on Thursday
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