S&P-500 (NYSEARCA: SPY) has been experiencing its all-time high as we are moving towards the end of the year with the coronavirus pandemic still raging against the strength of the vaccine which is awaiting approval from the FDA and subsequent distribution.
The year-to-date performance of SPY was 16% with an ideal storm that encouraged the breakout pattern to come into effect and drive up the prices, while other fund managers have been trying to ‘catch-up’.
SPY Looking To ‘Catch-up’ To QQQ
The 100 index Nasdaq (NASDAQ: QQQ) is in the lead for the index that is the highest ever since the coronavirus pandemic hit in February. They had an ATH of $237.47 on 5th June.
Even though SPY had a YTD of 16% which is very impressive, it fails to reach the level of the QQQ YTD performance that is a massive 44%. As a result, it is SPY who is trying to ‘catch-up’ to the level of QQQ. S&P-500 has good hopes for this in the future as Biden takes over and boosts their momentum.
The CARES Act has been aiding small-scale businesses but the absence of additional stimulus has halted the economy. Additionally, the positive outcome of the clinical trial phases of the vaccine candidates of Pfizer and Moderna has provided a massive boost and hope to the economy.
The average moving support of a 5-period of S&P-500 is $348.33 that targets higher BBs standing at $383.16. The stochastic mini-pup and breakout of MA pup along with very strong MA support of 5-period is $359.48 along with higher BBs directing to a level of $375.98 fib.