Taking Stock - Week of Oct 18, 2021

Monday, October 18, 2021

Yellow Arrow Sideways

SP500 at the close --- 4,486.46 +15.09 (+0.34%)

DJI30 --- 35,258.61 -36.15 (-0.10%)

NASDAQ --- 15,021.81 +124.47 (+0.84%)

Russell 2000 --- 2,267.84 +2.19 (+0.10%)

The SP500 opened at 4464, off 6 points, and quickly dropped to 4447, off 22. Then it climbed quickly, reaching 4470 after 10:00. After an hour of sideways motion it climbed again to 4484, up 14, before 11:30. Then it went sideways again, staying above 4477. At 2:30 it started to rise again, hitting the hi of 4489 a few minutes before the close. This is an outside day by 13 points at the top and a fraction of a point at the bottom, with a small gain at the end..

The DJI followed a similar path in the morning, hitting the day's hi of 35326 before 11:30. Then it slid lower until 2:30, when it started a slow rise, uneven rise into the close. It had a mixed day with the hi and lo higher by the tiny margins of 7 and 12 points while losing 36 at the close. So this session was basically flat.

The NASDAQ had a similar first hour then rose the rest of the day, finishing within 6 points of the hi. It had an outside day by 122 points at the top and 15 at the bottom.

The Russell 2000 also had a similar first hour. But it went sideways until 11:30, then rose to the day's hi of 2272 at 12;15. It then slid until 2:00 before going sideways the rest of the session for a tiny gain. It had a mixed day with the hi lower by 34 points and the lo lower by 10, contra the 2 point gain at the close

After two sessions of strong gains, today was pretty much ho-hum. I'm going with yellow, despite the reasonable gain in the NASDAQ. The sort term trend still appears to be up, but it's too early to say for sure. Follow-through for the rest of the week will be important. I've probably said that before.

P500 Closings -
10/18/19 - 2986
10/16/20 - 3484
09/17/21 - 4433
10/18/21 - 4486

NYSE Internals -
A/D = 1597/1699 = 0.94
A/D Vol = 0.85
New Hi/Lo = 141/47 = 3.00

Tuesday, October 19, 2021

Green Arrow Up

SP500 at the close  ---  4,519.63   +33.17 (+0.74%)

DJI30    ---  35,457.31   +198.70 (+0.56%)

NASDAQ   ---   15,129.09   +107.28 (+0.71%

Russell 2000   ---   2,275.91   +8.07 (+0.36%)

The SP500 opened at 4497, up 11 points, and reached 4516, up 30, after 11:00.  With some variation, it ran mostly sideways until it rose into the finish, ending within a point of the day's  3:20 hi.  This is a clearly up day by 32 points at the top and 49 at the bottom.  It's the 3rd consecutive day with a higher close that is above the 9/23 local hi.  It is now only 26 points below the 9/02 all time hi of 4537.

The DJI30 followed a similar path, but gained less in the morning and lagged the SP500 all day.  This is a clearly up day by 135 and 254 points. It's the 4th consecutive day with a close above that of the local hi on 9/29.  It is now only 174 points under the 8/16 all time hi.

The NASDAQ also followed a very similar path as the SP500 to a nearly identical finish.  It had a clearly up day by 111 and 216 points.  Today's close is 274 points under the 9/07 all time hi.

The Russell 2000 followed a different path, hitting its hi at 1:00.  From there it was a bumpy ride down to the close.  But the close was positive, and the Index had a clearly up day by 12 and 10 points.  It has not yet exceeded its local hi of 9/27.  At today's hi it was 9 points short, and 17 points short at the close.

Everything was positive today, to some degree.  So the short term trend appears to be up.  To achieve a longer term up-trend will require exceeding the all time highs.  However, volumes on the SP500, DJI30 and NYSE were quite low today.  So stay tuned – new highs might be happening soon.  Emphasis on might.

SP500 Closings -

10/18/19 - 2986

10/19/20 - 3427

09/17/21 - 4433

10/19/21 - 4520

NYSE Internals -  

A/D = 1597/1699 = 0.94

A/D Vol = 0.85

New Hi/Lo = 141/47 = 3.00

Wednesday, October 19, 2021

Green Arrow Up

SP500 at the close  ---  4,536.20   +16.57 (+0.37%)

DJI30    ---  35,609.34   +152.03 (+0.43%)

NASDAQ   ---   15,121.68   -7.41 (-0.05%)

Russell 2000   ---   2,289.77   +13.85 (+0.61%)

The SP500 opened at 4524, the day's lo, up 5 points.  It hit the the hi, 4541, at 10:30. It chopped around between those levels and finished on an up-tic and a volume surge for a small gain. This is an outside day by 20 and 28 points.

The day's hi was 5 points under the all time hi of 9/02/21; and the close was less than 2 points under the all time closing hi of the same date.

The DJI opened at 35475, up 18 points. It hit its hi, 35670, up 212 after 12:30.  The session ended on an up-tic and a volume surge.  This was a clearly up day by 207 and 178 points.  At the peak, the Index exceeded the 8/16 all time hi by 39 points, but it missed a new all time hi at the close by 16.

The NASDAQ opened at 15160, up 31 points.  It hit its lo 15071, off 58 points, at 1:30.  It ended on an up-tic and a volume surge for a tiny loss.

The Russell 2000 started slightly negative and hit its hi after 12:30.  After 1:30 it went sideways into the close for the day's largest gain.  It had a clearly up day by 10 and 6 points, and is still hovering below recent highs.

The short term trend is still up, and this is encouraging. Still – more follow-through is needed. So stay tuned, and hope for the best.

SP500 Closings -

10/18/19 - 2986

10/20/20 - 3443

09/17/21 - 4358

10/20/21 - 4536

NYSE Internals -  

A/D = 2241/1044 = 2.15

A/D Vol = 2.86

New Hi/Lo = 185/17 = 10.88

Thursday, October 21, 2021

Yellow Arrow Sideways

SP500 at the close  ---  4,549.78   +13.59 (+0.30%)

DJI30    ---  35,603.08   -6.26 (-0.02%)

NASDAQ   ---   15,215.70   +94.02 (+0.62%)

Russell 2000   ---   2,296.18  +6.42 (+0.28%)

The SP500 opened at 4532, off 3 points,  and quickly fell to 4527, the day's low, off 9.  It coiled around neutral until 2:00 when it rose, leading to a steep increase in the last few minutes to 4551, but then a small drop on a volume surge at the end.  It had a clearly up day by 11 and 2 points.  These small gains are enough to give the Index new all time highs by 6 points intraday and 13 at the close.

The DJI30 was in the red all day and hit its lo at 11:30.  It started moving up after 2:00 and also hit its hi just before the close. At the end it missed positive territory by only 6 points, but had a clearly down day by 57 pints at the top and 32 at the bottom.  Yesterday there was a new intra-day hi, though not a new closing hi.  Today's action is not good follow-through.

The NASDAQ opened 16 points in the red, but quickly rose until 11:00. After a draw back, it gained the rest of the day to finish with 7 points of the late day hi for the day's largest gain.  It was clearly up by 44 and 23 points, but is still under the 9/07 local highs.

The Russell 2000 started one point in the green, rose to the day's hi after 10:00, and went down to the lo, 5 points in the red, at 11:30.  It coiled around neutral until 3:00 when it had a bumpy ride up to close 8 points under the hi.   It had a clearly up day by 9 and 13 points, but is still under the 9/02 highs..

Every index followed its own path in a more or less neutral session.

SP500 Closings -

10/21/19 - 3007

10/21/20 - 3436

09/21/21 - 4354

10/21/21 - 4550

NYSE Internals -  

A/D = 1547/1735 = 0.89

A/D Vol = 0.61

New Hi/Lo = 169/14 = 12.07

Taking Stock 

Friday, October 22, 2021

Yellow Arrow Sideways

SP500 at the close  ---  4,544.90   -4.88 (-0.11%)

DJI30    ---  35,677.02   +73.94 (+0.21%)

 

NASDAQ   ---   15,090.20   -125.50 (-0.82%)

Russell 2000   ---   2,291.27   -4.92 (-0.21%)

The SP500 opened at 4546, off 4 points.  It reached 4560, the day's hi and a new all time intra-day at 10:00.  But  then it dropped and hit 4524, the day's lo, off 26, before noon.  From there it slowly climbed into the close for a small loss.  The last half hour was flattish on increasing volume.  The close was 5 points under Thursday's all time closing hi.  This was an outside day, plus 8 points at the top and minus 3 at the bottom.

The DJI opened at 35608, up 5 points.  It climbed up to 35765, up 162, the day's hi and a new all time intra-day hi before 10:30. From there it fell to 35354, the day's lo, off 69, before noon.  After that it was a jagged climb into the close for a 74 point gain and a new all time closing hi at 35677.  It was a clearly up day by 153 and 91 points.

The NASDAQ opened at 15158, off 58 points, and never saw green. It dropped to a low of 15021 before noon. It spent the rest of the day twisting around 15085, ending with a 126 point loss.  It had a clearly down day by 29 and 73 points.  

The Russell 2000 started up a half point at 2296, and rose to the day's hi of 2300, up 4, at 1:30.  It dropped to 2277, the day's lo, off 19, before noon.  It had a clearly down day by 4 and 8 points.  This index has been moving sideways since March.

So – a day of not much, if you ignore the NASDAQ.  Futures are down by about 0.3% as I write this on Sunday evening.  Still – each index gained over a percent on the week, and the short term trend appears to be up.

Weekly changes -

SP500 +1.64%

DJI 30 +1.08%

NASDAQ +1.29%

Russell 2000 +1.13%

SP500 Closings -

10/22/19 - 2996

10/22/20 - 3453

09/22/21 - 4396

10/22/21 - 4545

NYSE Internals -  

A/D = 1671/1615 = 1.03

A/D Vol = 0.97

New Hi/Lo = 207/22 = 9.41