Taking Stock -- Week of June 28

Monday, June 28, 2021

Red Arrow down

DJI30 Index at the Close --- 34,283.27 -150.57 (-0.44%)

SP500 Index --- 4,290.61   +9.91 (+0.23%)

The DJI opened at 34450, up 3 points, quickly rose 15, then dropped hard to 34257, off 174, at 9:45. From there it went mostly sideways, staying below 34345 until 11:15, when it dropped, hitting 34200, off 231 at 11:30. It rose to 34270 at noon, then dropped to a new lo of 34186, off 245 before 1:30. It rose to 34270 again between 2:00 and 2:30, pulled back to 34210 after 3:00, then rose into the close.

This is a clearly down day, with the hi and lo lower by 51 and 129 points. The span was 263. The Index bounced down from the bottom of the former up-slanting channel – for whatever that might be worth.

Things were mixed today, with the DJI and Russell 2000 down, and the SP500 and NASDAQ up. After struggling to stay even in the morning, the SP500 [today's chart] went on to new all time intra-day and closing highs, by small margins. For the nonce, at least, it has broken above the top border of its rising wedge. The red horizontal lines represent a potential support zone, per Avi Gilbert. The NASDAQ was up all day and also made a pair of new highs. The Russell 2000 paralleled the DJI, and also had a clearly down day. But it is still not far below its all time highs.

A confusing start to the week.

Daily changes -
DJI30 -0.44%
SP500 +0.23%
NASDAQ +0.98%
Russell -0.52%

DJI Closings -
6/26/19 - 26537
6/26/20 - 25016
5/28/21 - 34529
6/28/21 - 34283

NYSE Internals -
A/D = 1387/1997 = 0.69
A/D Vol = 0.43
New Hi/Lo = 150/17 = 8.82

Tuesday, June 29, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,292.29   +9.02 (+0.03%)

SP500 Index ---   4,291.80   +1.19 (+0.03%)

 

The DJI opened at 34339, up 56 points, and reached a hi of 34470, up 187 three minutes later. It slid to 34360 at 10:00, approached the hi again at 10:30, then slowly fell to a lo of 34320, up 37, at 12:30.  It ran mostly sideways until after 2:00, hitting a new low of 34267, off 16, after 2:30, followed by a slight rise into the close.  

This is a clearly up day by the trivial margins of 20 and 81 points.  The SP500 had a similar contour, and also was clearly up, with a new closing hi by a single point. The NASDAQ struggled to hold gains in the morning, but also went on to new highs by small margins in the afternoon. This is shown in today's chart.  The Russell 2000 started positive, then dropped all day, losing about a half percent.  It had a clearly down day by small margins.

Daily changes -

DJI30 +0.03%

SP500 +0.03%

NASDAQ +0.19%

Russell -0.58%

DJI Closings -

6/28/19 - 26522

6/29/20 - 25596

5/28/21 - 34529

6/29/21 - 34292

NYSE Internals -

A/D = 1498/1779 = 0.84

A/D Vol = 0.58

New Hi/Lo = 148/6 = 24.67

Wednesday, June 30, 2021

Green Arrow Up

DJI30 Index at the close   ---   34,502.51   +210.22 (+0.61%)

SP500   ---   4,297.50   +5.70 (+0.13%)

The DJI opened at 34290, off 2 points, and 20 minutes later reached 34385, and 34430 after 10:30.  There was a draw back to 34385 at 11:15, then a rise to a new hi of 34492, up 200,  at 12:45.  From there it was mostly sideways into the close.

This is an outside day, with the hi higher by 83 points, and the lo lower by 21.  The span was 308.  T

he DJI is hovering above potential support but below the lower boundary of the up-slanting channel from 3/23/20.

The SP500 had a clearly up day, by the tiny margins of 2 and less than one point at the hi and lo, and 6 points at the close.

After a string of new highs, the NASDAQ had an inside day, and declined by a 24 points at the close.

The Russell 2000 has slightly lower highs and lows, but a tiny increase at the close.

So everything was fragmented.

Daily changes -

DJI30 +0.61%

SP500 +0.13%

NASDAQ -0.17%

Russell +0.07%

DJI Closings -

6/28/19 - 26600

6/30/20 - 25812

5/28/21 - 34529

6/30/21 - 34503

NYSE Internals -

A/D = 1930/1425 = 1.35

A/D Vol = 1.76

New Hi/Lo = 205/12 = 17.08

Thursday, July 1, 2021

Green Arrow Up

DJI 30 Index at the close   ---   34,633.53   +131.02 (+0.38%)

The DJI opened at 34507, up 5 points, and rose to 34603, up 101, before 10:00.  It stayed between 34569 and 34600 until 2:45, when it popped up to 34617.  It then went mostly sideways again until there was another bump up into the close, on a volume surge.

This is a clearly up day, with the hi and lo higher by 87 and 253 points, respectively.  The span was a modest 141 points.

All the indexes were up today, by varying amounts.

Friday, July 2, 2021

Green Arrow Up

DJI30 Index at the close   ---   34,786.35   +152.82 (+0.44%)

SP500 Index    ---    4,352.34   +32.40 (+0.75%)

The DJI Index opened at 34642, up 9 points.  After a brief draw back to 34613, off 20, there was a steady rise to 34810, up 176 after 1:00.  Then it moved mostly sideways, reaching a new daily hi of 34822, then sliding 35 points in the last 10 minutes. 

This is a clearly up day, with the hi and lo up by 182 and 115 points.  The span was 208 points.  The Index has now climbed back up to the lower boundary of its up-slanting channel from 3/23/20 – if that channel still has any validity.

The SP500 also had a clearly up day, and extended its string of new all time intra-day and closing highs.

After breaking its string of new highs on Wednesday, the NASDAQ reestablished both of them – by small margins yesterday, and by more substantial ones today

In contrast, the Russell 2000 had a dismal day.  It dropped all morning, struggled to gain all afternoon, and faltered in the last hour, ending near the day's low for a 1.01% loss.  At the close it fell to 2305.76,  only 54 points [2.3%] under the 3/15/21 hi.  Despite a couple rather dramatic drops, action has been mostly sideways since the.  It looks as if 2350 is providing robust resistance.  This is today's chart.

Markets are closed on Monday to observe the Independence Day holiday.  Have a happy and safe week end

Daily changes -

DJI30 +0.44%

SP500 +0.75%

NASDAQ +0.81%

Russell -1.01%

DJI Closings -

7/02/19 - 26787

7/02/20 - 25827

6/02/21 - 34600

7/02/21 - 34786

NYSE Internals -

A/D = 1680/1600 = 1.05

A/D Vol = 0.95

New Hi/Lo = 203/16 = 12.68

Taking Stock - Week of 6/21/21

Monday, June 21, 2021

Green Arrow up

DJI30 Index at the close --- 33,876.97   +586.89 (+1.76%)

The Index opened at 33312, up 22 points, and by 11:00 reached 33825, up 535 points. It ran sideways until after 1:00, reaching the hi of 33908, up 618, before 2:00. It pulled back to 33830 at 2:30, then rose a bit into the close.

This is a clearly up day, with the hi and lo higher by 285 and 40 points, respectively. The span is 535. This more than reverses Friday's debacle, and puts the close back above the potential support level at 33526. But nothing moves in a straight line. This could simply be a counter-current move in an incipient downward trend. At this point, it is too soon to tell.

All the indexes were clearly up today. The SP500 closed right at the lower border of its rising wedge. The NASDAQ is now only 0.24% below the February all time hi. The Russell 2000 is well above its potential support level, but might also be starting to trend down.

From what I've been reading, we can expect a summer of doldrums, possibly made exciting by the kind of volatility we're experiencing now. Of course, the correction that last week suggested might also happen.

Daily % changes -
DJI30 +1.76%
SP500 +1.40%
NASDAQ +0.79%
Russell +2.16%

DJI Closings -
6/18/19 - 26719
6/19/20 - 25871
5/21/21 - 34208
6/21/21 - 33677

NYSE Internals -
A/D = 2646/852 = 2.89
A/D Vol = 6.77
New Hi/Lo = 109/26 = 4.19

Tuesday, June 22, 2021

Green Arrow Up

DJI30 index at the close   ---   33,945.58   +68.61 (+0.20%)

The index opened at 33873, off 4 points, and dropped to 33751, the day's lo, off 126.  It climbed to 33980, up 103, at 11:15, slipped back to 33880 at noon, and ran sideways until after 2:00.  It then rose to the hi of 34041, up 164, at 3:30.  But then if fell 95 points into the close.

Still, this is a clearly up day, with the hi and lo higher by 133 and 439 points, respectively.  The SP500 was also clearly up, and climbed back above its support level and inside its narrowing wedge. I neglected to mention that the NASDAQ  reached new intra-day and closing highs recently.  It went on to exceed those levels today. The Russell was in the red most of the day, then climbed positive in the last hour to also have a clearly up day.  It is midway between its recent highs and support level.

Daily % changes -

DJI30 +0.20%

SP500 +0.51%

NASDAQ +0.79%

Russell +0.43%

DJI Closings -

6/22/19 - 26537

6/22/20 - 26025

5/21/21 - 34208

6/22/21 - 33946

NYSE Internals -

A/D = 1773/1503 = 1.18

A/D Vol = 1.02

New Hi/Lo = 141/18 = 7.83

Wednesday, June 23

Yellow Arrow Sideways

DJI30 Index at the close   ---   33,874.24  -71.34 (-0.21%)

The index opened at 33949, up 3 points, and fell to 33910, off 36 points, before 10:00.  It reached a hi of 34009, up 64, at 10:15.  It chopped down to a low of 33886, off 59 after 12:30.  Then there was a jagged climb to 33865 at 3:30, followed by a hard 90 point drop into the close.

This is an inside day, with the hi lower by 31 points, and the lo higher by 119.  The span was 140.  This would have been a boring day except for the collapse into the close, a mere 5 points above the lo.  Sadly, the hardest parts of that late fall were on volume spikes.

The SP500 [today's chart] had an outside day, by less than one point at the hi, and fewer than 5 points at the lo.  It also took a hard fall in the last half hour.  The NASDAQ was positive all day, except for a short, quick spike into the red after 12:00.  It also fell in the last half hour, maintaining a small gain.  The Russell was also clearly up by modest margins.

This is a lack of follow-through for a potential trend in either direction.  The end of day slump is not comforting, but might not mean much.

Daily % changes -

DJI30 -0.21%

SP500 -0.33%

NASDAQ +0.33%

Russell +0.33%

DJI Closings -

6/21/19 - 26719

6/23/20 - 26156

5/21/21 - 34208

6/23/21 - 33874

NYSE Internals -

A/D = 1715/1563 = 1.10

A/D Vol = 1.21

New Hi/Lo = 177/10 = 17.70

Thursday, June 24, 2021

Green Arrow Up

DJI30 Index at the close   ---   34,196.82   +322.58 (+0.95%)

The index opened at 33934, up 60 points, and immediately jumped up to 34050.  Before 10:00 it reached 34075, and then stayed above 34080.  After 12:30 it rose again, reaching 34233, up 359 at 1:15.  From there it ran mostly sideways into the close.

All the indexes were up.  The NASDAQ made new all time intra-day and closing highs.

DJI Closings -

6/24/19 - 26728

6/24/20 - 25446

5/24/21 - 34394

6/23/21 - 34197

NYSE Internals -

A/D = 1715/1563 = 1.10

A/D Vol = 1.21

New Hi/Lo = 177/10 = 17.70Friday, June 25, 2021

Friday, June 25, 2021

Green Arrow Up

DJI30 index at the close   ---   34,433.84   +237.02 (+0.69%)

The index opened at 34328, up 131 points.  Before 10:30 it reached 34440, up 243.  It ran mostly sideways from there, but rose to a hi of 34483, up 286, at 3:15.  The last half hour was volatile, with a drop to 34435, a rise to a new hi of 34501 at 4:52, and a 70 point drop into the close.

This is a clearly up day with the hi and lo up by the substantial margins of 268 and 381 points.  After the opening rise, the span was 243.

The SP500 and Russell 2000 also had clearly up days.  The SP500 achieved a new intra-day hi for the 4th consecutive day.  There was a new closing hi for the 3rd time in 4 days; and the index closed above the top of its rising wedge.  The Russell closed with a 1 point gain, and is now only 1.09% below its 3/15 hi.  After 3 days of new intra-day and closing highs, the NASDAQ snaked around neutral today, and finished with a small decline.

Volumes were unusually high on the NYSE, DJI and NASDAQ, but a bit below normal on the SP500.  This is confusing.

Last week was painful, but this week was a nice recovery.  

Weekly changes -

DJI30 +3.43%

SP500 +2.74%

NASDAQ +1.55%

Russell +4.32%

Daily changes -

DJI30 +0.69%

SP500 +0.33%

NASDAQ -0.06%

Russell +0.03%

DJI Closings -

6/22/19 - 26548

6/22/20 - 25746

5/21/21 - 34312

6/22/21 - 34431

NYSE Internals -

A/D = 1755/1526 = 1.15

A/D Vol = 1.23

New Hi/Lo = 213/6 = 35.50

Taking Stock - Week of 6/14/21

Monday, June 14, 2021

Red Arrow Down

DJI30 index at the close --- 34,393.75    -85.85 (-0.25%)

The Index opened at 34473, off 7 points, and the hi for the day. It tumbled to the lo, 34212, off 268, at 1:00 and lingered slightly above until 2:00, when it started to rise. It hovered near 34270 from 3:00 to 3:30, then rose 130 points into the close.

This is a clearly down day with the hi and lo lower by 146 and 117 points. The spread was 261. At the lo, the Index dropped below the support level I identified last week. But the 120 point gain in the last half hour brought it back above at the close. Still – if the up-slanting channel from the March '20 lo is to be honored, the “Index will have to turn up in the next few days.

The SP500 had a similar contour, but eked out a small gain within a fraction of its session hi, for incremental new all time intra-day and closing highs, at the top of the wedge I posted last week. The NASDAQ was up all day, and also had a surge higher at the end of the session, also achieving new all time intra-day and closing highs by small increments. It's today's leader – but there could be a triple top forming. The Russell started positive, but slumped the entire day, ending down, but with slightly higher hi and lo. It is slightly below its March all time highs. It could also be forming a broad triple top.

The Fed Open Market Committee meets Wednesday. Not much new is expected, but maybe a hint about considering thinking about tapering someday might be forthcoming.

% changes -
DJI30 -0.25%
SP500 +0.18%
NASDAQ +0.74%
Russell -0.41%

DJI Closings -
6/14/19 - 26090
6/12/20 - 25606
5/14/21 - 34382
6/14/21 - 34394

NYSE Internals -
A/D = 1521/1817 = 0.84
A/D Vol = 0.53
New Hi/Lo = 272/12 = 22.67

Tuesday, June 15, 2021

Red Arrow Down.

DJI30 Index at the close   ---    34,299.33   -94.42 (-0.27%)

The Index opened at 34397, up 3 points, quickly rose another 23, then fell hitting a low of 34199, off 195, at 11:30 and 12:00.  It rose to 34275 at 12:30 and ran sideways for over an hour before climbing near 34350 at 2:00 and again at 3:00.  From there, it was a bumpy 150 point  fall over the last hour.

This is a clearly doew day, with the hi and lo lower by the small margins of 52 and 12 points.  The span was 221.

At the lo, the Index was below my proposed support level, and barely above the up-slanting chanel from the 3/23/20 lo.

All the indexes were in the red all day, and finished down.  The SP500 and Russel 2000 had similar contours to the DJI.  The NASDAQ kept sliding all afternoon, and might be forming a triple top.  The SP500 only lost 8 points, and is still crawling along the top of its wedge.  The Russell is only slightly below its all time hi, and might also be forming a triple top.

Fed Open Market Committee meets tomorrow.  Nothing dramatic is expected.

% changes -

DJI30 -0.27%

SP500 -0.20%

NASDAQ -0.71%

Russell -0.26%

DJI Closings -

6/14/19 - 26090

6/15/20 - 25763

5/14/21 - 34382

6/14/21 - 34299

NYSE Internals -

A/D = 1563/1747 = 0.89

A/D Vol = 0.95

New Hi/Lo = 183/14 = 13.07

Wednesday, June 16, 2021

Red Arrow Down   

DJI30 Index at the close   ---   34,033.67   -265.66 (-0.77%)

The index opened at 34308, up 9 points, and quickly rose to 34333, up 34.   It meandered sideways until noon, when it slid lower, hitting near 34150 at 12:30.  At 2:00 it took a vertical drop to 33917, off 382.  Reports from the Fed meeting say that tapering will begin in 2023.  So, naturally, that caused a 200+ point drop in the Index at 2:00 p.m. today.  This drop was echoed in the NASDAQ and SP500, but not in the Russell 2000, which peaked at noon, then fell to match its early morning lo at 1:30, then started rising again, contra the other indexes. 

The DJI tried to recover, but fell to the lo again after 2:30.  I climbed back up to 34150 before 3:30, then slipped into the close, ending close to where it would have if the slide from noon had continued without the 2:00 mini-crash.  It pierced the up-slanting channel from the 3/23/20 lo at both the lo and the close.  Next support is in the range of 33525 to 33800, indicated in red on the chart.

All the indexes ended negative.  The SP500 landed right at the bottom border of its wedge. The NASDAQ is still hovering near its all time hi, but might be sliding down.  Ditto the Russell 2000.

Depending on how you squint, the indexes might look like they are trending down, or still consolidating.  A lot of analysis is expecting a correction, and it might be getting started.

% changes -

DJI30 -0.77%

SP500 -0.54%

NASDAQ -0.24%

Russell -0.23%

DJI Closings -

6/14/19 - 26090

6/15/20 - 26290

5/14/21 - 34382

6/16/21 - 34073

NYSE Internals -

A/D = 1266/2943 = 0.62

A/D Vol = 0.52

New Hi/Lo = 185/22 = 8.41

Thursday, June 17, 2021

Red Arrow Down

DJI30 Index at the close   ---   33,823.45   -210.22 (-0.62%)

The Index opened at 3492, off 59 points, and after a brief rise to 34092, up 19, took a bumpy ride down to the lo of 33627, off 446 at 12:30.  It rose to 33870, off 203, at 1:45.  From there it undulated into the close, with a drop in the last 15 minutes on a volume surge.

This is a clearly down day, with the hi and lo lower by 87 and 282 points respectively. The span was 465 points, the largest since 472 on 5/19, when the Index lost 165 points.  It has pierced the bottom of the up-slanting channel, and is now in the support zone dating from early April.

The SP500 and Russell 200 had similar contours to the DJI, but the NASDAQ was almost the inverse, in contrary motion most of the session.

% changes -

DJI30 -0.62%

SP500 -0.04%

NASDAQ +0.87%

Russell -1.18%

DJI Closings -

6/17/19 - 26113

6/17/20 - 26120

5/17/21 - 34328

6/17/21 - 33823

NYSE Internals -

A/D = 1158/2151 = 0.54

A/D Vol = 0.35

New Hi/Lo = 141/24 = 5.88

Friday, June 18, 2021

Red Arrow Down

DJI30 Index at the close   ---   33,290.08   -533.37 (-1.58%)

The Index opened at 33623, off 201 points, and continued to fall like a rock in a cliché, to 33400, off 423, in about a minute.  There was then a bumpy slide to the lo of 33291, off 532, at 11:00.  It rose to 33453 forty minutes later. But from there it was a slow, grinding slump into a marginal new low of 33272, and a close near the previous 11:00 lo.

The Index has blown through the bottom of its channel from March, 2020, and pierced potential support at 33525. If this continues, the next potential support might be in the high 32000's.  At today's lo, the Index is off 5% from its 5/10 hi of 35092.  Corrections are generally considered to be in the 10% range.  That would land at 31582, and I've indicated that level with a new red line on the chart.  That could be in a support range based on action back in February.

This is a clearly down day, with the hi and lo lower by 242 and 291 points, respectively. The span was 351. This was a triple witching day, when options and futures expire.  That might account for some portion of the volatility that happened yesterday and today.  Volume on the NYSE was more about 3 times more than what has been normal lately.

The SP500 broke below its rising wedge and first line of potential support at 4190, landing at 4166.  There is a broad range of possible support between 4000 and 4150.  The NASDAQ had an inside day, and  at 14030 is only 140 points below its all time high, and well above its channel bottom.  The Russell was today/s big loser, and may still be forming a triple top. It finished  at 2237, and there are several possible support levels down to  2100.

This was a brutal end to painful week.  Every index got beaten up in today's blood bath.  Looking on the bright side, there might be some buying opportunities ahead.  Keep your powder dry.  The indexes always go on to new highs.  We just don't know when.

Weekly % changes -

DJI30 -3.45%

SP500 – 1.91%

NASDAQ -0.28%

Russell 2000 -4.20%

Daily % changes -

DJI30 -1.58%

SP500 -1.31%

NASDAQ -0.92%

Russell -2.17%

DJI Closings -

6/18/19 - 26466

6/18/20 - 26080

5/18/21 - 34061

6/18/21 - 33290

NYSE Internals -

A/D = 1158/2151 = 0.54

A/D Vol = 0.35

New Hi/Lo = 141/24 = 5.88

L.A. times Crossword June 9, 2021 Julian Lim

Theme. SURRENDER[S.]  The second word of each two word theme fill is a synonym for capitulation. There's a flaw in the unifier though, as we shall soon see.  

17. *"Rockin' the Suburbs" alt-rocker: BEN FOLDS.  A person's proper name becomes a verb. 

Moderately amusing, but Cf 33D

To FOLD is to capitulate.

24. *"Anything wrong?": WHAT GIVES?  You OK!  Inquiry into someone's general well being.

To GIVE [up or in] is to capitulate.  A different sense of the verb GIVE.

36. *Not much interest: LOW YIELDS. Not much return on investment, like T-bonds and money markets these days.

To YIELD is to capitulate. The noun YIELD becomes a verb, just like magic!.

52. *Ursine dens: BEAR CAVES. Where they spend the winter.

To CAVE is to capitulate. Another noun to verb transition.  Lots of grammatical alchemy going on here.

60. Concede ... or a hint to the last words of the answers to starred clues: CRY UNCLE.

Another way to capitulate.

 

But, you'll notice that the theme fill all end in "S," while the corresponding verb in the unifier does not. The latter represents the base form of the verb in present tense, as used in first and second person.  The added "S" indicates third person.  For example, I sleep and you sleep, vs he/she/it sleeps.  This may be a niggling little quibble, but I find the inconsistency to be troubling, and am issuing a citation.

Hi gang.  Jazzbumpa here, evidently in critical mode.  Let's see what else gives. I will not capitulate!

Taking Stock Week of June 7, 2021

Monday, June 7, 2021

Red Arrow Down

DJI30 Index at the close --- 34,630.24 -126.15 (-0.36%)

The Index opened at 34766, up 9 points. It quickly rose to 34820, up 63, then started a long tumble down, landing on a low of 34575, off 183 at 2:00. From there is was mostly sideways, with a modest rise of about 60 points into the close.

This is an outside day, with the hi higher by 49 points and the lo lower by 44. The range was 246. The loss results from the close landing near the bottom of the day's range.

Each index had its own contour. The SP500 fell early, ran flat until mid-afternoon, then rose, but did not get to positive territory. The NASDAQ started negative, went slightly positive, ran mostly flat, then rose in the late afternoon. The Russell 2000 started positive, rose until mid-day, then ran mostly flat until the end.

Today's % changes -
DJI30 -0.36%
SP500 -0.08%
NASDAQ +0.49%
Russell +1.43%

DJI Closings -
6/07/19 - 25984
6/05/20 - 27111
5/07/21 - 34778
6/07/21 - 346306

NYSE Internals -
A/D = 1880/1445 = 1.30
A/D Vol = 1.05
New Hi/Lo = 384/10 = 38.40

Tuesday, June 8, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,599.82   -30.42 (-0.09%)

The Index opened at 34646, up 16 points.  It slumped to 34540 from 10:00 to 10:30, recovered to 34615 at 11:00, then took a hard, brief fall to a low of 34453, off 177 before 11:30.  But 15 minutes later it was back above 34600.  It then ran sideways between that level and 34659, up 22, until it climbed to 34665, the day's hi, up 35  points, from 3:00 to 3:30.  It then fell 66 points into the close.

The yellow arrow and slight decline at the close do not tell the whole story.  This is a clearly down day with the hi and lo lower by 156 and 122 points, respectively.  The span was 212 points.  The SP500 had a similar contour and wound less than 1 point positive on a clearly up day.  The NASDAQ had an 11:30 dip into the red  in an otherwise positive day, but finished a few points under its opening. Still, it was a clearly up day. The Russell 2000 also dipped at 11:30, but stayed green ion its clearly up day, and finished near its hi.

Since reaching their recent all time highs, the indexes have gone nowhere.  But in the last couple weeks have gained enough ground that the highs might be within reach some time soon.  Some forecasts are for a correction before the next leg up.  We'll just have to wait and see.

% changes -

DJI30 -0.09%

SP500 +0.02%

NASDAQ +0.31%

Russell +1.06%

DJI Closings -

6/07/19 - 25984

6/08/20 - 27572

5/07/21 - 34778

6/08/21 - 34600

NYSE Internals -

A/D = 2112/1190 = 1.30

A/D Vol = 1.30

New Hi/Lo = 398/10 = 39.80

Wednesday, June, 9, 2021

Red Arrow Down

DJI30 Index at the close   ---   34,447.14   -152.68 (-0.44%)

The Index opened at 34626, up 26 points.  It quickly dropped to 34554, off 45. Before 11:30 it climbed to 34655, up 55.  But by noon it fell back to 34567, then to 34538, off 62,  before 12:30.  It then ran mostly sideways until after 3:00 when it tumbled about 90 points into the close.

This is a clearly down day, with the hi and lo lower by the tiny increments of 11 and 14 points.   The span was 215.  The SP500 had a higher hi and lo, but a lower close, all by small increments.  Ditto the NASDAQ and Russell 2000, by somewhat larger margins.  All the indexes faded in the last couple hours.

% changes -

DJI30 -0.44%

SP500 -0.18%

NASDAQ -0.09%

Russell -0.71%

DJI Closings -

6/07/19 - 25984

6/09/20 - 27272

5/07/21 - 34743

6/09/21 - 34447

NYSE Internals -

A/D = 1572/1751 = 0.90

A/D Vol = 0.70

New Hi/Lo = 373/5 = 74.60

Thursday, June 10, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,466.24  +19.10 (+0.06%)

The index opened at 34503, up 55 points, and quickly soared to 34738, up 219.  But before 11:00 it gave it all back, landing at 34447, up 0!  It then climbed again, reaching 34600 after 1:00.  From there, it tumbled into the close, for a slim 19 point gain.  

This is a clearly up day, by meager amounts, with the hi and lo up by 83 and 8 points, respectively. Based on lows since late May, 34400 +/- 50 or so points might be a new support level.

All the indexes had an 11:00 a.m. lo. The SP500 recovered most of its loss, and the NASDAQ went on close near the day's hi.  The Russell struggled to recover, but slumped again at the end, and was continuously in the red after the opening moments.

Today's first chart is the SP500 from it's hi of 3394 on 2/19/20, just before the decline into the 3/23/20 lo.  It shows a rising wedge since that date.  The 2nd chart is a close up view of recent activity.  Since rising slightly above the top of the wedge in March, the index dropped to the bottom on 5/19/21.  Since then, daily highs have crawled along the top of the wedge.  Presumably, this is a bearish pattern, and the point of the wedge occurs early next month. Further, there was a new all-time intra-day hi today at 4250, exceeding the previous 4238 by 12 points, and an all time closing hi by 7 points at 4239.

The DJI hit its all time intra-day hi a month ago today, and its closing hi the previous day,  Today, those values are lower by a couple hundred points. The NASDAQ hit its intra-day hi on 4/27 and closing hi the day before. Today's values are also lower by a couple hundred points.  The Russell 2000 closed at its all time hi on 4/27.  Yesterday's hi, at 2351, was only 10 points below. So, given today's drop, that might be a resistance level.

The markets have been fragmented for most of this year, and that is not a healthy signal.  I don't think we are on the verge of another crash, but a correction of 10 percent or more in the next few weeks or months would not surprise me.

% changes -

DJI30 +0.06%

SP500 +0.47%

NASDAQ +0.78%

Russell -0.68%

DJI Closings -

6/07/19 - 25984

6/09/20 - 27272

5/07/21 - 34743

6/09/21 - 34447

NYSE Internals -

A/D = 1765/1558 = 1.13

A/D Vol = 0.93

New Hi/Lo = 332/8 = 41.50

Graph 1

Gragh 2

Friday, June 11, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,479.60   +13.36 (+0.04%)

The Index opened at 34500, up 34 points.  It leaped to 34618, up 152, in the first few minutes.  From there it took a hard tumble to 34400, off 66 at 11:00 through 12:00, then slumped further to 34329, off 138, at 12:40.  It rose to 34416 at 2:00, then ran sideways until 3:40, when it climbed about 65 points into the close.

Only the minuscule 13 point [0.04%] gain at the finish kept this from being a clearly down day.  The hi and low fell by the nearly identical margins of 120 and 119 points.  The spread was 289.

Yesterday I mentioned 34400 +/- 50 as possible support.  Today it went 20 points lower before rebounding. So I'm now calling 34330 as the bottom of the support range – for now, at least.  You can see it on the chart. A significant break of that level - which would also breach the up-slanting channel from the 3/23/20 lo - should signal that a larger drop is on the way.

All the indexes slumped late morning, then ran flat or up before rising into their respective closes.  But market fragmentation continues, as the percentages below attest.  I read today that the Dow Transports are deviating from the Industrials, which could also be a bearish signal.

Weekly % changes -

DJI30 – 0.80%

SP500 +0.41%

NASDAQ +1.85%

Russell +2.16%

Daily % changes -

DJI30 +0.04%

SP500 +0.19%

NASDAQ +0.35%

Russell +1.06%

DJI Closings -

6/11/19 - 26049

6/11/20 - 25128

5/11/21 - 34269

6/11/21 - 34480

NYSE Internals -

A/D = 2181/1127 = 1.93

A/D Vol = 1.74

New Hi/Lo = 250/12 = 20.83

Taking Stock - Week of May 31, 2021

Monday, May 31, 2021

Due to the Memorial Day holiday, markets were closed.

Tuesday, June 1, 2021

Green Arrow Up – a little

DJI30 index at the close --- 34,575.31 +45.86 (+0.13%)

The index opened at 34584, up 55 points, and immediately soared to 34849, up 320. But 15 minuts later, it had slipped down to 34660, up 131. It ran sideways for a half hour, then slipped further to 34610 at 10:30. It went sideways again between 34600 and 34660 until almost 1:00, when it slumped again, hitting the day's lo of 34543 a few minutes later. It rose to 34630 at 2:15, then stumbled into the close.

This is a clearly up day, with the hi and lo higher by 218 and 23 points, respectively. But in a strange way, with the hi occurring in the early moments, and the index falling 306 points throughout the session.

The SP500 and NASDAQ had similar contours to the DJI, but were pitched lower and snaked around their respective neutral lines. The Russell 2000, in contrast, was generally up all day.

For a day that was only marginally positive in the major indexes, the NYSE internals were remarkably strong.

% changes -
DJI30 +0.13%
SP500 -0.05%
NASDAQ -0.09%
Russell +1.14%

DJI Closings -
5/31/19 - 24815
6/01/20 - 25383
4/30/21 - 33875
6/01/21 - 34575

NYSE Internals -
A/D = 2436/943 = 2.58
A/D Vol = 3.55
New Hi/Lo = 448/23 = 19.48

Wednesday, Jun 2, 2021

Yellow Arrow Sideways

DJI30 Index at the close    34,600.38   +25.07 (+0.07%)

The index opened at 34615, up 39 points, and quickly fell to 34546, off 29.  It turned and rose again, reaching a hi of 34707, up 131 after 11:00.  From there it tumbled to 34590 at 12:30, then an hour later almost reached the early morning lo.  The rest of the day it wavered between that level and 34610, and wound up near the top of that range.

This is an inside day, with the hi lower by 143 points, and the lo higher by only 3.  The span was a modest 161 points.  The SP500 had an almost identical contour and also wound up slightly positive.  The NASDAQ had a similar contour, but lower pitched, and spent part of the afternoon in the red.  The Russell 2000 was in the red most of the session, briefly popping a bit into positive territory after 1:00 and again at the end.

This is all pretty much ho-hum; but let's be happy with small gains.

% changes -

DJI30 +0.07%

SP500 +0.14%

NASDAQ +0.14%

Russell +0.13%

DJI Closings -

5/31/19 - 24815

6/02/20 - 25475

4/30/21 - 33875

6/02/21 - 34600

NYSE Internals -

A/D = 1832/1487 = 1.23

A/D Vol = 2.05

New Hi/Lo = 386/8 = 48.25

Thursday, June 3, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,577.04-23.36 (-0.07%)

The Index opened at 34550, off 50 points, and in 20 minutes plunged to a lo of 34334, off 266.  I then recvored, climbing to 34666 before 11:30.  After that it ran sideways between 34600 [the neutral point] and 34670 until 2:15, when it slipped into the red, and skidded sideways into the close.

This is a clearly down day, with the hi and lo lower by 40 and 212 pints, respectively.  The span was 333.  The SP500 had a similar contour and finished off .36%.  The NASDAQ was weaker and lost over a percent.  The Russell was similar and lost .81%.

Friday, June 4, 2021

Green Arrow Up

DJI30 Index at the close   ---  34,756.39   +179.35 (+0.52%)

The Index opened at 34619, up 42 points, and immediately shot up to 34725.  It drew back to 34630 before 10:00, then rose again, hitting 34737, up 160, after 11:00.  It dropped to 34660, up 83 before noon, then climbed to 35758, up 181, staying there between 2:30 and 3:00.  It slid back to about 34735 – near the late morning hi – and stayed flat-ish a few points above that level until hitting a new daily hi of 34772 a few minutes before sliding into the close.

This is a clearly up day, with the hi and lo higher by 105 and 284 points, respectively.  The span was 153 points.

The SP500 and NASDAQ gained the entire session and also had clearly up days.  The Russell 2000 started high, quickly dropped to slightly negative, then oscillated up the rest of the day, but closed below the early morning hi. It had an inside day.

Jobs data this morning was luke-warm. A slightly positive result with the recovery still far from complete is disappointing.  If the indexes reacted at all, I'm not able to see it.

Weekly changes -

DJI30 +0.66%

SP500 +0.61%

NASDAQ +0.48%

Russell +0.77%

Today's % changes -

DJI30 +0.52%

SP500 +0.88%

NASDAQ +1.47%

Russell +0.31%

DJI Closings -

6/04/19 - 25332

6/04/20 - 26282

5/04/21 - 34133

6/04/21 - 34756

NYSE Internals -

A/D = 1832/1487 = 1.23

A/D Vol = 2.05

New Hi/Lo = 386/8 = 48.25