Exchange traded funds indexed to the S&P 500 rose back above the 50-day simple moving average in Monday’s rally after breaking the technical indicator during the summer sell-off.

SPDR S&P 500 ETF (NYSEArca: SPY) jumped about 2% in early trading Monday.

Gold ETFs also climbed on hopes of a banking sector recapitalization in Europe. [Gold ETFs Gain as Dollar Weakens After EU Pact]

In currency ETFs, the euro strengthened against the dollar after Germany and France pledged to address the Eurozone debt crisis before a Group of 20 meeting in early November. [Euro ETFs Jump on Bank Recapitalization Hopes]

The S&P 500 on Monday climbed above its 50-day simple moving average but the steep downward slope of the indicator is troubling, writes J.C. Parets at All Star Charts.

SPDR S&P 500 ETF


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