On Monday the popular stock market averages bounced back strongly following the Friday selloff. The yield rose for 10-yr treasury notes. President Biden said that the new variant of Covid19 won't lead to lockdowns or shutdowns.
Above is mythree-month chart for the S&P 500 ETF (SPY). All-time highs were marked in early September, before sliding down under its 50-day SMA in mid-September. Then in late September the price rose to flirt with that SMA, until diving below as the month was ending. On October 7 that SMA capped the price despite attempts to reach it.
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. Then a big drop on Friday followed by a rebound on Monday. A Santa Claus rally may have commenced.
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