Normally an event like this wouldn't necessarily be worth mentioning. However, when the S&P 500 hasn't traded above its 50-day moving average since September, it is worth noting. As shown below, the last time the S&P 500 traded at or above its 50-day moving average was on September 19th.
While higher stock prices are always welcome, we would note that the value of these assets are declining...at least in dollar terms. The US dollar index has succumbed to gravity in the last several days, and after falling through its 50-day moving average last week, the currency broke right through its uptrend line that had been in place since July.
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Was that the biggist one day drop in the dollar?
Posted by: dj | December 17, 2008 at 08:48 AM
Thanks. I have looked at a 10 year chart with SPX and The dollar and down dollar helps the SPX while up $ sees the SPX fall
Mind posting one. Thanks. Great work here
Max
Posted by: Max2205 | December 20, 2008 at 09:44 AM