Taking Stock - Week of April 26, 2021

Monday, April 26, 2021

Yellow Arrow Sideways

DJI30 Index at the close   —-   33,981.57   -61.92 (-0.18%)

The Index opened at 34044, up a fraction of a point, and quickly rose to 34149, up 105.  It then abruptly fell to 34090, the beginning of a jagged drop to 34000 after 1:30.  It ran slightly up to 34045 at 3:20, when it again fell abruptly to 33941, just over 100 points, at 3:30. It bounced up to 34115, then staggered into the close, for a 0.18% loss.

This is an inside day, with the hi lower by 9 points and the lo higher by 228 - the latter being a positive on a day that was mostly down hill.  The span was a modest 207 points. 

All the other indexes were up. The SP500 rose slightly in the morning, then chopped sideways the rest of the day.  On Friday it set a new intra-day hi at 4194.17, but missed a new closing hi by 5 points.  Today it reached a new intra-day hi by 0.02 points, and a new closing hi at 4187.62 by 2.15 points, 0.05%.  But, a hi is a hi, I guess.

The Russell 2000 rose until noon, then coasted sideways. It is 2.63% under its 3/15 all time closing hi, and might still be forming a head and shoulders pattern.

The NASDAQ rose until 3:30, then slid a bit into its close.  On 4/16 it came within 0.31% of a new closing high.  It faltered a bit last week, but did reach a new closing hi today by [wait for it] 0.31%!  Yippee.

The market was fragmented today, with each index following its own path.  Volumes were low across the board.  Make of it what you will.

% Changes -

DJI30  -0.31% 

SP500 +0.18%   

NASDAQ  +0.87%    

Russell 2000 +1.15% 

 

DJI30 Closings -

04/26/19 - 26543

04/24/20 - 23775

03/26/21 - 33073

04/26/21 - 33982

NYSE Internals - 

A/D =  2074/1230 = 1.69

A/D Vol = 2.16

New Hi/Lo = 395/16 = 24.69

Tuesday, April 27, 2021

Yellow Arrow Sideways

DJI30 Index at the close   —-   33,984.93   +3.36 (+0.01%)

The Index opened at 33932 off 49 points, rose to 33978, off 4, and dropped to 33871, off 111 - all in the first 10 minutes.  It then wandered in a range between 33920 and 33980 until 2:30 when it veered up, reaching the hi of 34044, up 62 at 3:40.  Then it dropped 59 points into the close, on a volume spike.

The minuscule gain at the close kept this from being a clearly down day.  The hi and lo were lower by the modest margins of 105 and 71 points, respectively.  The span was 174 points, the lowest since 121 on 4/12.  Today’s range is about in the middle of all the data for the last couple weeks.

The SP500 coiled around neutral most of the day, then flirted with new highs late afternoon, missing by less than a point intra-day and closing, then slipped to tiny loss at the end.

The NASDAQ reached an all time intra-day hi on 2/16 and an all time closing hi the previous day.  Today’s intra-say hi missed by 4 points.  Yesterday there was a new all time closing hi.  Today’s close missed by 48 points.  The session started slightly positive and just a fraction of a point under the hi, but the NASDAQ quickly slipped and ran negative the rest of the session. It was the day’s laggard.  



The Russell 2000 was up in the morning, fell mid-day to a small negative, wrapped around neutral and finished with a small gain.



So this was basically a ho-hum, lo volume day all around.  The Fed meeting tomorrow is also expected to be a snoozer.  Earnings reports for many companies come out later in the week.  For now, everything seems to be in holding patterns - but different patterns for the various indexes.  I’m a bit leery of these non-developments.

% Changes -

DJI30  +0.01% 

SP500 -0.02%   

NASDAQ  -0.34%    

Russell 2000 +0.14% 

 

DJI30 Closings -

04/26/19 - 26543

04/24/20 - 23775

03/26/21 - 33073

04/26/21 - 33982

NYSE Internals - 

A/D =  1636/1649 = 0.99

A/D Vol = 1.14

New Hi/Lo = 247/12 = 20.58

Wednesday, April 28, 2021

Red Arrow Down

DJI30 Index at the close —-   33,820.38   -164.55 (-0.48%)

The index opened at 33860, off 124 points, and dropped to 33806, off 179, at 10:00.  It rose to 33890 after 11:00, then stayed above 33820.  After 2:30 it jumped up to 33947, the day’s hi, off 38, then slid down to 33850 a half hour later. It recovered almost to 33900 again, then plunged into the close, only 15 points above the 10:00 low. I wonder if 33700 - 33800 [purple lines on the chart] will be support going forward.  Next lower resistance could be near 33500, if it comes to that.

This is a clearly down day, with the hi and lo lower by 97 and 65 points, respectively.  The span was 141 points, the narrowest since 2/12.  The index was in the red all day, and with this loss it is now in the lower half of its range over the last 2 weeks. 

The SP500 and NASDAQ followed similar paths, with the SP above neutral most of the day, while the NASDAQ straddled the neutral line.  The SP made a new intra-day after 3:00, but then tumbled 18 points to close just above the day’s lo. Both indexes finished slightly negative. The Russell 2000 started in the red and moved mostly upward all day, finishing slightly positive. This might be enough to break the potential head and shoulders pattern.  

Volumes remain very lo, across the board.

There were no surprises from the FOMC meeting today.  No interest rate increase, economy is improving, unemployment still hi.  Ho hum, as expected.

% Changes -

DJI30  -0.48% 

SP500 -0.08%   

NASDAQ  -0.28%    

Russell 2000 +0.13% 

 

DJI30 Closings -

04/26/19 - 26543

04/28/20 - 2402

03/26/21 - 33073

04/28/21 - 33820

NYSE Internals - 

A/D =  19251355 = 1.42

A/D Vol = 2.22

New Hi/Lo = 311/20 = 15.55