On Friday the popular averages again closed to the upside. The Dow Jones Industrial Average and S&P 500 again recorded all-time intraday and closing highs. Fiscal stimulus checks may have been entering the market, as well as optimism regarding the potential for strong economic recovery once almost everyone becomes vaccinated against Covid19.
Above is my three-month chart for the S&P 500 ETF (SPY). After a short pause from a gentle rise, 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 at market closings a number of times in February.
There came a pop upward on March 9 with continuation to all-time intraday and closing highs on March 17. The mid-March downturn was held in check by the 50-day MA, which was briefly penetrated on March 25. Then the SPY shot above to records, including all-time intraday and closing highs on Friday.
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