Taking Stock -- Week of July 26, 2021

Monday, July 26, 2021

Green Arrow Up

DJI30 Index at the close --- 35,144.31 +82.76 (+0.24%)

SP500 Index --- 4,422.30 +10.51 (+0.24%)

The DJI opened at 35056, off 6 points and gyrated down, hitting a lo of 34950 at 10:30. It rose to 35100 after 11:30.slid back to 35060 after 12:00, then rose to 36116 after 1:00. It rose above 35130 after 2:30, then went mostly sideways into the close.

This is a clearly up day, with the hi and lo up by 55 and 95 points.

SP500 results were almost identical.

The NASDAQ snaked around neutral and wound up flat.

The Russell 200 had a swayback contour and wound up positive.

In the press of other things, updates will be sketchy this week.

Not an exciting day, despite the new highs, but things are slightly positive, which is a good start to the week. The span was 200.

The SP500 also made new highs today by small margins, as did the NASDAQ. Tjhe Russell also had a clearly up day, but is not near new highs.

Daily changes -
DJI30 +0.24%
SP500 0.24%

NASDAQ +0.03%
Russell +0.33%

NYSE Internals -
A/D = 1867/1450 = 1.29
A/D Vol = 1.41
New Hi/Lo = 123/67 = 1.84

Tuesday, July 27, 2021

DJI30 Index at the close   ---  35,058.52   -85.79 (-0.24%)

SP500 Index   ---   4,401.46   -20.84 (-0.47%)

The DJI opened at 35079, the day's hi, off 65 points. It quickly fell to 34878, the day's lo, off 266.  It rose to 53050 at 11:00 a.m.  and fell to the lo again before 12:30.  It went mostly sideways until 2:00, then rose into the close.  

The other indexes had roughly similar contours, with greater losses.  The NASDAQ and Russell 2000 were off by over 1%.

 No follow through to yesterday's marginal new highs.

Daily changes -

DJI30 -0.24%

SP500 -0.47%

NASDAQ -1.21%

Russell -1.13%

NYSE Internals -

A/D = 1183/2108 = 0.56

A/D Vol = 0.65

New Hi/Lo = 98/65 = 1.51

Wednesday, July 28, 2021

Yellow Arrow Sideways

DJI30 Index at the close   ---   34,930.93 -127.59 (-0.36%)

SP500 Index   ---   4,400.64   -0.82 (-0.02%)

The DJI opened at 35109, up 52 points.  It went down to 34950 after 1:00, up to 35050, off 8, twice, and down again, hitting the lo of 34877, off 181, at 2:00.  It hit 35050 again before 3:00, then plunged into the close.  Perhaps 35050 is a new resistance level.

This is an outside day, by the small margins of 37 points at the hi and only 1.2 at the lo.  The span was 239.  Make of it what you will.

Every index followed its own path today.  The SP500 coiled around neutral and wound up flat.  The NASDAQ was positive all day, gaining 0.70%.  The Russell 2000 was also green all day and gained a percent and a half.

Daily changes -

DJI30 -0.36%

SP500 -0.02%

NASDAQ +0.70%

Russell +1.51%

NYSE Internals -

A/D = 2033/1236 = 1.65

A/D Vol = 2.48

New Hi/Lo = 114/28 = 4.07

Thursday, July 29, 2021

Green Arrow Up

DJI30 Index at the close   ---   35,084.53   +153.60 (+0.44%)

SP500 Index   ---   4,419.15   +18.51 (+0.42%)

The DJI opened at 34986, up 55 points, and the day's lo.  It immediately shot up to 35150, and in15 minutes dropped to 35059.  It then went mostly up, hitting the hi of 35172 before 1:30.  From there it slid 87 points into the close.  This is a clearly up day with the hi and lo higher by 55 and 109 points.  The span was 185.  There was a new intra-day hi, but not a new closing hi

The SP500 had a nearly identical contour and result. It also had a new intra-day hi, but not a new closing hi.

The NASDAQ had a clearly up day, but no new highs.

The Russell 2000 had a higher hi and a flat bottom, ending with a solid gain.  It was the day's winner.

Daily changes -

DJI30 +0.44%

SP500 +0.42%

NASDAQ +0.33%

Russell +0.68%

NYSE Internals -

A/D = 2266/1042 = 2.17

A/D Vol = 2.33

New Hi/Lo = 207/24 = 8.63

Friday, July 30, 2021

Red Arrow Down

DJI30 Index at the close   ---   34,935.47   -149.06 (-0.42%)

SP500 Index   ---   4,395.26   -23.89 (-0.54%)

The DJI opened at 35013, off 71 points.  It fell until 11:00, then was mostly flat-ish, with a downward bias, the rest of the day

It's a clearly down day by 65 points at the top and 115 at the bottom, but is not far from recent all time highs.  The span was 235.  All the indexes were off today – so its a down ending to an up and down week.  The SP500 also had a clearly down not far from recent all time highs.  Same with the NASDAQ, the day's biggest loser.  The Russell 2000 had an inside day, and is well blow its record highs. 

In broad stokes, today pretty much negated yesterday.  Nothing dramatic, but also nothing positive.

Daily changes -

DJI30 0.42%

SP500 -0.54%

NASDAQ -0.71%

Russell -0.62%

NYSE Internals -

A/D = 1406/1920 = 0.73

A/D Vol = 0.40

New Hi/Lo = 196/36 = 5.44

Taking Stock - Week of July 19, 2021

Monday, July 19, 2021

Bright Red Flashing Arrow Down

DJI30 Index at the Close --- 33,962.04-725.81 (-2.09%)

SP500 Index --- 4,258.49-68.67 (-1.59%)

The DJI opened at 34528, off 159 points, and the hi for the day. Then the bottom dropped out. It immediately fell to 34170, off 518. It hovered there for 15 minutes, then slid to about 33850, off 838. It rattled around that level for an hour and a half, rose to 34000 before noon, then slid further to 33742, the day's lo. It bounced around there from 1:30 until after 2:30, when it rose into the close on a volume surge.

This is a clearly down day, with the hi and lo lower by 561 and 906 points, respectively. The span was 787. The loss is dramatic and painful, but the Index is above its presumptive support zone, and the 13 day EMA is above the 55 day EMA. It was today's big loser. The index has traded in a range since early May and is approaching the bottom of that range. Follow-through during the rest of the week will be important.

The SP500 had a clearly down day with a similar contour. It closed deeply within its presumptive support zone from early May, and below its trend channel from the March, 2020 lo. It has just about doubled over that time.

The NASDAQ was also clearly down. At the low, it was right at the presumptive support level from the former highs in February, April and June. It is marginally above the trend channel and the 55 day EMA.

The Russell 2000 was also clearly down. It landed deeply within the prospective support region from January. It is now below the trend channel from March 2020. This is the only index where the 13 day EMA is below the 55 day EMA. This happened on Friday, the the gap widened today.

If there's a bright spot, its that there was partial recovery at the close for all the indexes, on volume surges. The word on the street is that this was caused by a sudden surge in covid fears. As you can imagine, I'm skeptical. Was there big news on that from today? This might be the start of the correction many analysts have been predicting. It could be a bumpy ride for the next weeks to months, so fasten your safety belts. NYSE internals are terrible, and on above average volume.

Daily changes -
DJI30 -2.09%
SP500 -1.59%
NASDAQ -1.06%
Russell -1.51%

DJI Closings -
7/19/19 - 27154
7/17/20 – 26735
6/18/21 - 33823
7/19/21 - 33783

NYSE Internals -
A/D = 516/2879 = 0.18
A/D Vol = 0.11
New Hi/Lo = 20/96 = 0.21

Tuesday, July 20, 2021

Green Arrow Up

DJI30 Index at the close   ---   34,511.99   +549.95 (+1.62%)

SP500 Index   ---   4,323.06   +64.57 (+1.52%)

The DJI opened at 33982, up 20 points.   In less than an hour it was at 34475, up 513, on the way to 43622, up 660, before 1:00.  After that it ran mostly sideways, with a slide into the close on a volume surge.

This is a clearly up day, with the hi and lo higher by 93 and 240 points.  

The SP500 also had a clearly up day, and moved above its support range, landing close to the bottom of its trend channel. 

The NASDAQ also had a clearly up day.  It bounced off the top of its support range and has stayed above its trend line.

The Russell 2000 had a clearly up day, and was today's big winner.  It rose above its support range, and back within its trend channel.

The NYSE internals are almost a perfect reversal of yesterday's.  It's comforting that yesterday's plunge did not continue.  Less so that the recovery of the indexes were only partial.  The end of day slumps were not large, but the accompanying volume surges on the SP500 and NYSE are troubling.  

The question now is does today's rebound indicate a recovery, or is it counter to a broader down-side move?  What happens in the next few days should help answer this question.

Daily changes -

DJI30 +1.62%

SP500 +1.52%

NASDAQ +1.57%

Russell +2.98%

DJI Closings -

7/19/19 - 27154

7/20/20 – 26681

6/18/21 - 33290

7/20/21 – 34512

NYSE Internals -

A/D = 2759/577 = 4.78

A/D Vol = 9.38

New Hi/Lo = 96/30 = 3.20

Wednesday, July 21, 2021 

Green Arrow Up

DJI30 index at the Close   ---   34,798.00   +286.01 (+0.83%)

SP500 Index   ---   4,358.69   +35.63 (+0.82%)

The DJI opened at 34557, up 13 points, and reached 34798, up 254, before 10:00.  After a slump to 34700 at 11:30, it reached the hi again before noon, then stayed above 34750, except for a brief moment 10 minutes before the close. Followed by the day's hi of 34 820, and a volume surge into the close.

This is a clearly up day, with the hi and lo higher by 198 and 575 points, respectively.  The span was 263.

It was clearly up for all the indexes.  The SP500 moved almost identically to the DJI.  It climbed back above its trend line.  The NASDAQ remains above its trend line.  The Russell 2000 is now above its support range and back into its trend channel.  It is today's big winner.

Evidently the Covid concerns that caused the big drop on Monday are no longer in effect.  Never mind that cases are on the rise and the delta variant is dominating the new cases.

Please get vaccinated it you haven't already.  Your life is on the line.

Daily changes -

DJI30 +0.83%

SP500 +0.82%

NASDAQ +0.92%

Russell +1.81%

DJI Closings -

7/19/19 - 27154

7/21/20 – 26840

6/21/21 - 33946

7/20/21 – 34798

NYSE Internals -

A/D = 2417/874 = 2.77

A/D Vol = 5.63

New Hi/Lo = 113/18 = 6.28

Thursday, July 22, 2021

Green Arrow Up

DJI30 Index at the close   ---   34,823.35   +25.35 (+0.07%)

SP500 Index   ---   4,367.48   +8.79 (+0.20%)

The DJI opened at 34799, up 2 points and fell for 7 minutes, reaching a lo of 34673, off 125.  It hovered near 34800 from 10:15 to 11:30, slipped back to 34700 after 12:00, then crossed into positive territory after 1:30.  It hit a hi of 34879, up 81 after 2:00.  It ran sideways for about an hour, then slid into the close for a meager gain.

This is a clearly up day, with the hi and lo up by 59 and 116 points.   The span was 206.

The SP500 also had a clearly up day, by small margins.

As did the NASDAQ.

In contrast, the Russell had a clearly down day, with the hi and lo lower by only 3 points each, but the close was down  by well over a percent.

This was rather a ho-hum day.  Except for the NASDAQ, the indexes have been trading in ranges for months now – though with considerable volatility. 

Today, volumes were unusually low, across the board.  I have no idea why, or what this means.

Daily changes -

DJI30 +0.07%

SP500 +0.20%

NASDAQ +0.36%

Russell -1.55%

DJI Closings -

7/22/19 - 27172

7/22/20 – 27006

6/22/21 - 33946

7/22/21 – 34823

NYSE Internals -

A/D = 1018/2259 = 0.45

A/D Vol = 0.32

New Hi/Lo = 77/22 = 3.50

Friday, July 23, 2021

Green Arrow Up

DJI30 Index at the close   ---   35,061.42   +238.07 (+0.68%)

SP500 Index   ---   4,411.79   +44.31 (+1.01%)

The DJI opened at 34855, up 32 points, and quickly soared to 35057, up 234.  But at 10:00 it had dropped back to 34925, up 101.  It rose to 35088, up 265 at 11:30, slipped back to 34590 at noon, and climbed back to 35080 before 1:30.  It slipped back to 35000 at 3:15, then rose to 35095, a new all time intra-day hi, 9 minutes before the end of the session, which ended with a new all time closing hi.

This is a clearly up day, with the hi and lo up by 216 and 182 points, respectively.  The span was 240.  

The SP500 also had a clearly up day, with new all time intra-day and closing highs, as did the NASDAQ.

The Russell 2000 coiled around the neutral line until about 2:00, when it rose to close near the day's high.  Unlike the other indexes, it had a mixed day, with the hi and lo both lower, contra the marginal higher close.

This has been a week of market incoherence – an erratic week with big drops on Monday and new highs on Friday.  On Monday NYSE internals were very week.  Yesterday they were not strong.  Today, they are mixed, with both new highs and new lows above their 13 session averages.  And, though advances greatly outnumbered declines, there was more decline volume.  The question on Monday was follow-through.  I guess we have the same question today.

Daily changes -

DJI30 +0.68%

SP500 +1.01%

NASDAQ +1.04%

Russell +0.46%

DJI Closings -

7/23/19 - 27349

7/23/20 – 26652

6/23/21 - 33874

7/23/21 – 35062

NYSE Internals -

A/D = 2046/1244 = 1.64

A/D Vol = 0.85

New Hi/Lo = 147/50 = 2.94

Taking Stock -- Week of July 12, 2021

Monday, July 12, 2021

Green Arrow Up

DJI30 Index at the close --- 34,996.18    +126.02 (+0.36%)

SP500 Index --- 4,384.63.   +15.08 (+0.35%)

The DJI opened at 34836, off 33 points, but quickly rebounded and reached a hi of 35003, up 133 after 10:30. Then it stayed above 34925, up 55, and reached a marginal new daily hi late in the session, and just 15 points above the close. The Index is only a few dozen points under all time intra-day and closing highs.

This is a clearly up day, with the hi and lo higher by 121 and 273 points, respectively. The span was 285. The chart includes new lines - 13 day EMA in blue and 55 day EMA in orange. As long as the blue line stays above the blue, things are gong well.

The SP500 reached new highs on Friday while my internet was down, and exceeded them today by about 15 points each on a clearly up day today. It had a similar contour to the DJI.

The NASDAQ also reached new highs on Friday and again today on a clearly up session. It started positive, fell into the red, then straddled the neutral line until mid-afternoon, when it rose to a positive finish.

The Russell 2000 made a big recovery on Friday. It started today in the red, but climbed all day, finishing with a 2 point gain. It has been trading in a range for 4 ½ months.

The week is off to a modestly good start. The BLS releases CPI data tomorrow and PPI data on Wednesday. We'll see if and how the markets respond. So far, they seem to not be taking inflation very seriously.

Daily Changes -
DJI30 +0.36%
SP500 +0.35%
NASDAQ +0.21%
Russell +0.08%

DJI Closings -
7/12/19 - 27332
7/10/20 - 25706
6/10/21 - 34466
7/12/21 - 34999

NYSE Internals -
A/D = 1903/1388 = 1.16
A/D Vol = 1.37
New Hi/Lo = 209/14 = 14.93

Tuesday, July13, 2021

Orange Arrow Down

DJI30 Index at the close   ---   34,888.79-107.39 (-0.31%)

SP500 Index   ---   4,369.21-15.42 (-0.35%)

The DJI opened at 34960, off 39 points. After a quick jump to 35019, up 20, and a new intra-day hi, It dropped to the lo of 34878, off 121, at 10:00.  It rose to 34090 at noon, but slid again, challenging the lo twice around 1:30.  From there it went mostly sideways, but with a downward slant, and hit the day's lo, 34877, 11 points under the close, after 3:00.

This is a mixed day, with the hi higher by only 4 points, but the lo higher by 147, despite the loss.  The span was a modest 142.

The SP500 and NASDAQ had roughly similar contours to the DJI, starting slightly negative, but were positive around mid-day.  They all wound up negative. But at its late morning hi the SP500 set a new intra-day hi.  The close was almost identical to Friday's, and the lo was about three points higher than yesterday.  The NASDAQ also hit a new intra-day hi, but with a lower lo, had an outside day.  They both missed new closing highs   

The Russell 2000 had a clearly down day, and at today's close is about at the midpoint of its trading range since its 3/15 hi.  This is shown on today's chart.  The heavy blue and orange lines are the 13 and 55 day EMAs. As long as the blue 13 line is above the 55 line, things have not turned negative.

Yesterday was encouraging.  Follow-through today failed.

% Changes

DJI30 -0.31%

SP500 -0.35%

NASDAQ -0.38%

Russell -1.88%

DJI Closings -

7/12/19 - 27332

7/13/20 – 26088

6/11/21 - 34480

7/13/21 - 34889

NYSE Internals -

A/D = 835/2483 = 0.34

A/D Vol = 0.32

New Hi/Lo = 140/19 = 7.37

Taking Stock - Week of July 5, 2021

 Monday, July 5, 2021

Markets are closed to observe Independence Day.

Tuesday, July 6, 2021

Red Arrow Down

DJI30 Index at the close   ---   34,577.37  -208.98 (-0.60%)

SP500 Index   ---   4,343.54  -8.80 (-0.20%)

The DJI opened at 34790, up 4 points, then fell pretty steeply and steadily, hitting a lo of 34361, off 426 at 11:30.  It recovered to 34473, off 311 before noon.  After drawing back to 34390, it rose slowly and steadily to close off 209 points.

This is a clearly down day, with the hi and lo lower by 8 and 255 points, respectively.  The span was 456. The line that was formerly the lower boundary of the up-slanting channel might now be resistance.

The SP500 had an outside day.  It opened at the day's hi, one point above last Friday's, and a new intra-day all time hi, then followed a contour similar to the DJI, but with a greater recovery in the afternoon, ending with a small loss.

The NASDAQ had an outside day.  It opened higher, rose quickly to a new all time intra-day hi, then fell along with the other indexes, reaching its lo shortly after noon.  From there it rose the rest of the day, closing at a new hi.

The Russell 2000 had a clearly down day.  It started within a fraction of Friday's close, and fell to its lo after 12:30. The rise from there was tepid, leading to a loss at the close of well over 1%, and the day's weakest performance.

An inauspicious start to the week, with still more nonconformance's.

Daily changes -
DJI30 -0.60%
SP500 -0.20%
NASDAQ +0.17%
Russell -1.36%

DJI Closings -
7/05/19 - 26922
7/06/20 - 26287
6/04/21 - 34757
7/06/21 - 34577

NYSE Internals -
A/D = 1178/2150 = 0.55
A/D Vol = 0.26
New Hi/Lo = 186/26 = 17.15

Wednesday, July 7, 2021

Yellow Arrow Sideways

DJI30 at the close   ---   34,681.79   +104.42 (+0.30%)

SP500    ---   4,358.13   +14.59 (+0.34%)

The DJI opened at 34604, up 27 points.  After a brief drop to 34548, off 29, it rose to 34690, up 112, at 9:40. It then dropped again to a low of 34436, off 142 at 10:45.  It then climbed again, reaching almost to the hi at 11:45.  It slipped back to near 34600 from 12:45 to 2:45, then rose into the close.

This is an inside day, with the hi lower by 105 points and the lo higher by 77.  The span was 273.

The SP500 had a clearly up day, and once again set new intra-day and closing highs, but only by 5 or 6 points. [today's chart]

The NASDAQ opened strong, setting a new all time intra-day hi, then slid for an hour.  It then snaked neutral, and finished with a new all time closing hi – by a point and a half.

The Russell 2000 dropped in the first hour, recovered a bit until 12:30, then gave some of it back, undulating into the close for a loss of almost a percent. 

Fragmentation continues, at or near new highs.

Daily changes -
DJI30 +0.30%
SP500 +0.34%
NASDAQ +0.01%
Russell -0.95%

DJI Closings -
7/05/19 - 26922
7/07/20 - 25890
6/07/21 - 34630
7/07/21 - 34682

NYSE Internals -
A/D = 1578/1703 = 0.93
A/D Vol = 0.63

New Hi/Lo = 211/38 = 5.55

After Wednesday's storm, my electricity and internet were down until Saturday morning - so no reports on Thursday and Friday.  Lo sent.