Taking Stock -- Week of August 23, 2021

Monday, August 23, 2021

Green Arrow Up

DJI30 Index at the close --- 35,335.71 +215.63 (+0.61%)

SP500 Index --- 4,479.53 +37.86 (+0.85%)

The DJI opened at 35160, the day's lo, up 41 points, and quickly jumped up to 35360, up 241, on the way to 35410, up 290, after 11:00. It then ran mostly sideways, reaching the high of 35429, up 309, after 1:00. It then stayed above 35370 until the closing moments, when there was a 34 point droop into the close on a volume surge. It bounced off of its 55 day EMA on Thursday to close today 290 points under the 8/16 all time hi.

This is a clearly up day by 252 points at the top and 294 at the bottom. The span was 268. This is a nice gain, but the loss of 93 points from the top to the close is disturbing.

The SP500 also had a clearly up day, by 46 and 43 points. It achieved a new all time intra-day hi of 4490, about 10 points above that of 8/16. It missed a new closing hi by less than a quarter point. It had an unsettling 10 point drop from the hi to the close, also on a volume surge.

The NASDAQ also had a clearly up day by 241 and 205 points. After bouncing off its 55 day EMA on Thursday, it set new all time highs by 65 points intra-day and 48 at the close today.

The Russell 2000 was the day's big winner. It was clearly up by 41 and 42 points, and climbed above its support zone. It's about 150 points below its all-time highs reached on 3/15, and under its 55 day EMA.

Yahoo Finance doesn't show NASDAQ nor Russell volume on their daily charts, so I don't know how it played out on those indexes.

The question on Friday was whether the gains were counter-trend or leading up again. That's still the question today. Tomorrow's follow-through [or lack thereof] will be important.

% Changes -
DJI30 +0.61%
SP500 +0.85%
NASDAQ +1.55%
Russell +1.88%

DJI Closings -
8/19/19 - 26252
8/21/20 - 28492
7/23/21 - 35062
8/23/21 - 35336

NYSE Internals -
A/D = 2281/1062 = 2.15
A/D Vol = 3.41
New Hi/Lo = 117/75 = 1.56

Tuesday, August 24, 2021

Green Arrow Up

DJI30 Index at the close   ---   35,366.26   +30.55 (+0.09%)

SP500 Index   ---   4,486.23   +6.70 (+0.15%)

The DJI opened at 35383, up 47 points. Before 10:00 it reached 35428, up 92.  It fell back to 35363 after 10:00, climbed to 35420, then fell to 35363 again at noon.  It reached the hi of 35445, up 110, after 12:00.  It slid for an hour, then took a hard 60 point turn down after 3:15, hitting bottom 5 minutes before and 3 points under the marginally higher close. The index did not achieve new highs.

This is a clearly up day, by only 17 points on the top, but, perhaps more importantly, 202 at the bottom.  The span was only 82 points, the smallest this year.

The SP500 also had a clearly up day, by 3 and 32 points.  Its late session fall off was less sever, and it achieved new all time highs by 3 points intra-day and 7 at the close.  On today's graph I've redrawn the lower trend line to accommodate recent lows, and added a short term top trend line to reflect recent highs.

The NASDAQ reached its hi just before 3:30, and had a much smaller slide into the close, staying well above its mid-day lo.  For the 2nd day in a row, it achieved new intra-day and closing highs, by 71 and 74 points. The span was 70. It was clearly up by 71 and 189 points.

The Russell 2000 trended up all day, and was the big winner, gaining just over 1%.  It is still more than 100 points under its 3/15 highs.  It was clearly up by 21 and 40 points.

All the indexes were up, and there were some new highs, suggesting that the gains are not counter current.  The Russell left the other indexes in the dust.  

% Changes -

DJI30 +0.09%

SP500 +0.15%

NASDAQ +.52%

Russell +1.02%

DJI Closings -

8/23/19 - 25629

8/24/20 - 28308

7/23/21 - 35062

8/24/21 - 35366

NYSE Internals -

A/D = 2240/1084 = 2.07

A/D Vol = 3.67

New Hi/Lo = 114/50 = 2.28

Wednesday, August 25, 2021

Green Arrow Up

DJI30 Index at the close   ---   35,405.50   +39.24 (+0.11%)

SP500 Index   ---   4,496.19   +9.96 (+0.22%)

The DJI opened at 35389, up 23 points, and quickly fell to 35288, off 79.  But it turned back up, and by 10:45 reached 35450, up 84.  It ran sideways for an hour, then climbed to 355501, up 135, before 1:00.  From there, it was a long, slow, 95 point slump into the close.

This is an outside day, with the hi higher by 56 points, and the low lower by 75.  The spread was 214.

The SP500 had a clearly up day by 8 and 3 points, and new highs, by 9 points intra-day and 10 at the close.   It had a smaller afternoon slide

The NASDAQ had a choppy climb from its mid-morning lo. It was a clearly up day by 25 and 46 points.  It achieved new all time highs by 25 pints intra-day and 22 at the close.

The Russell 2000 reached its hi before 2:00, and slid from there into the close, but still maintained the day's largest percentage gain.  It had a clearly up day by 20 and 18 points, and is now about in the mid-range of its 5-month-old trading range.  This makes 3 consecutive days of small caps leading the market.

% Changes -

DJI30 +0.09%

SP500 +0.11%

NASDAQ +.15%

Russell +0.37%

DJI Closings -

8/23/19 - 25629

8/24/20 - 28308

7/23/21 - 35062

8/24/21 - 35366

NYSE Internals -

A/D = 1897/1345 = 1.41

A/D Vol = 1.77

New Hi/Lo = 141/36 = 3.92

Thursday, August 26, 2021

Red Arrow Down

DJI30 Index at the close   ---   35,213.12   -192.38 (-0.54%)

SP500 Index   ---   4,470.00   -26.19 (-0.58%)

The DJI opened at 35450, up 44 points and quickly rose tp 35498, up 93. It then dropped to 35275, off 131, at 11:00.  It rose above 35340 before 11:30 and hung near that level for a couple hours.  It slid down to the low of 35205 after 3:00, bounced slightly, than closed near the low, right at the 13 day EMA line.

This is a clearly down day by 3 and 83 points. The span was 293.  It looks to be counter-current to the upward trend, rather than a turn back down.

The SP500 had a similar contour, and a clearly down day following 3 days of new highs. This also appears to be counter-current. 

The NASDAQ also had a similar contour, and an outside day, by 0.20 points at the top, and 22 at the bottom.  It also appears to be continuing its rise.

The Russell 2000 also had a similar contour, and a clearly down day by 8 and 14 points.  It is hovering just below the mid-point of its 5 month long trading range.

Tomorrow's action will be important in suggesting which way we are heading.  Volumes were exceptionally light today. 

% Changes -

DJI30 -0.54%

SP500 -0.58%

NASDAQ -.64%

Russell -1.13%

DJI Closings -

8/26/19 - 25899

8/26/20 - 28332

7/26/21 - 35144

8/26/21 - 35213

NYSE Internals -

A/D = 1897/1345 = 1.41

A/D Vol = 1.77

New Hi/Lo = 141/36 = 3.92

Friday, August 27, 2021

Green Arrow Up

DJI30 Index at the close   ---   35,455.80   +242.68 (+0.69%)

SP500 Index   ---   4,509.40   +39.40 (+0.88%)

The DJI opened at 35231, up 18 points.  It quickly jumped to 35322, up 109.  At 10:00 it jumped again, reaching 35463, up 250, before 10:30.  From there, it ran mostly sideways, reaching the day's hi of 35479 before 3:30.

This was an inside day, with the hi lower by 19 points, and the lo higher by 26.  The spread was 248. The close was only 23 points under the hi.

The SP500 had a clearly up day by 17 and 5 points.  It also achieved new all time highs by 12 points intra-day and 13 at the close.

The NASDAQ had a clearly up day by 86 and 29 points.  It achieved new highs by 85 points intra-day, and by 88 at the close.

The Russell 2000 had a clearly up day by 37and 2 points, and was the day's big winner with a 2.85% gain. At the close, it is 82 points under the 3/15 hi of 2360.

So it looks like the main trend is still up.

% Changes -

DJI30 +0.69%

SP500 +0.88%

NASDAQ +1.23%

Russell +2.75%

NYSE Internals -

A/D = 2731/568 = 4.81

A/D Vol = 6.62

New Hi/Lo = 165/32 = 5.16