Bitcoin (CRYPTO: BTC) ETFs delivered over 100% gains in 2024. That’s four times the returns of the S&P 500 index. The Roundhill Magnificent Seven ETF (NASDAQ:MAGS), meanwhile, lagged at 65%, proving the tech elite can’t always keep up with crypto.
The SPDR S&P 500 ETF Trust (NYSE:SPY), a reliable proxy for the S&P 500, posted a respectable 24.4% gain over the past year.
It has faltered recently, dropping 2.51% over the last month.
Chart created using Benzinga Pro
With the stock price below its eight-, 20- and 50-day simple moving averages, SPY’s technical outlook remains strongly bearish.
That said, a glimmer of hope lies in its 200-day SMA (simple moving average), which signals a bullish undertone at …
Full story available on Benzinga.com