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