The major stock index ETFs ended last week with a slight decline as they extended their losing streak.
ETFs tracking the S&P 500 and gold miner stocks are at critical junctures and a bit more momentum could propel the ETFs to further gains, a market analyst said Friday. “Today the S&P 500 has risen above its 50-day exponential moving average following a teasing four day jaunt beneath it. The next hurdle to overcome is trendline resistance of a channel drawn down from the May 2 high,” said Tarquin Coe, technical analyst at Investors Intelligence, in a note to subscribers Friday. SPDR S&P 500 ETF (NYSEArca: SPY) gained 0.4% Friday afternoon. [Technical Analyst Likes S&P 500, Gold Miner ETFs]
The largest exchange traded fund for silver rose nearly 2% Friday to cap a strong week. Traders are wondering if the ETF’s recent bounce at about $32 a share indicates a short-term floor. The iShares Silver Trust (NYSEArca: SLV) is also rising to test its 50-day moving average. Other ETFs for silver include ETFS Physical Silver (NYSEArca: SIVR) and PowerShares DB Silver (NYSEArca: DBS). [Silver ETF Continues Bounce from $32 a Share]
Gregory A. Clay contributed to this article.