The S&P 500 May Close Below Its 50-DMA

Yesterday the stock market closed right at its 50-day moving average. This is one of those silly rules that actually is important. I would guess that if you told someone unfamiliar with the stock market that the average of the previous 50 days plays an important part in the market, they might not believe you.

Yesterday was actually the second recent close near the 50-DMA. Also this morning, the initial jobless claims report came in at 745,000. Expectations were for 750,000. We’re close to our lowest level in nearly a year. We’re coming up on the one-year anniversary when everything fell apart. Last March, the Dow Jones had its 4th and 11th best days in history and its 2nd, 5th and 13th worst days in history.

Miller Industries (MLR) reported its earnings yesterday. This morning, the stock popped to $44.06, which is a new high.

Posted by on March 4th, 2021 at 12:51 pm


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