A look at SPDR S&P 500 ETF — Critical Technical Test (NYSE:SPY)
SPDR S&P 500 ETF ($SPY) averages are at $169.20 (21 day SMA), $165.55 (50 day SMA), $153.89 (200 day SMA). Over the past 52 weeks SPY has traded from a low of $134.70 to a high of $170.97. SPY was last at $166.06 on a volume of 11,496,400. Average daily volume has been at 126,048,294.The S&P 500 has sustained two days of selling. Yesterday’s trading was on much higher volume than average, but it did not test the 50-day moving average. Today, the SPY is is testing that level, and technical traders will want to keep an eye on 165.81. This is the current level of the 50-day moving average. Over the past year, this key moving average has been tested every couple of months — each time, the SPY has rallied.
So technical traders should pay attention to this inflection point. A bounce? A good thing. A breakdown? Not so much.
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The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust holds the Portfolio and cash and is not actively “managed” by traditional methods. To maintain the correspondence between the composition and weightings of Portfolio Securities and component stocks of the S&P 500 Index (“Index Securities”), the Trustee adjusts the Portfolio from time to time to conform to periodic changes in the identity and/or relative weightings of Index Securities.
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