Taking Stock - Week of December 20, 2021

Monday, December 20, 2021

SP500 at the close --- 4,568.02 -52.62 (-1.14%)

DJI30 --- 34,932.16   -433.28 (-1.23%)

NASDAQ --- 14,980.94   -188.74 (-1.24%)

Russell 2000 --- 2,139.87   -34.06 (-1.57%)

Not one minute was spent in positive territory by any of these indexes.  And they all lost more than a percent.  This is a thoroughly dismal start to the week.  

Elliott wave analyst Avi Gilbert identified the range 4550 to 4585 as a critical support level to preserve the short term bullish case.  Today's minimum was 4531, and the index stayed below 4550 from about 10:30 until 1:30,  finishing squarely in the support range.  The red line on the chart is at 4550.

So, despite the weak performance, the trend direction is still ambiguous.

Tuesday, December 21, 2021

SP500 at the close ---  4,603.84.  +35.82 (+0.78%)

DJI30 --- 35,492.70   +560.54 (+1.60%)

NASDAQ --- 15,341.09   +360.14 (+2.40%)

Russell 2000 --- 2,202.95   +63.07 (+2.95%)

The SP500 opened at 4595, up 27 points.  It dropped to 4583, the lo, after 10:30.  It rose the rest of the day, closing less than 2 points under the hi. It held support just below the 4550 level mentioned yesterday.  This is the highest close since 12/16.

The DJI30 opened at 35070, the lo, up 137 points.  I hovered near 35509, the hi, most of the time after 1:00.  The close was abut 15 points under the hi.  This is the highest close since 12/16.

The NASDAQ opened at 15140, off 29 points.  It dropped to 15015, the lo, after 10:00.  It rose the rest of the day, closing 8 points under the hi.  It held support at the 144 EMA .This is the highest close since 12/15.

The Russell 2000 opened at 2141, the lo, up 2 points.  It rose the entire day to finish a small fraction of point under the hi for the day's largest gain. It held support at the 144 day EMA. This close the highest since 12/10.

Wednesday, December 22, 2021

SP500 at the close ---  4,696.56   +47.33 (+1.02%)

DJI30 --- 35,753.89   +261.19 (+0.74%)

NASDAQ --- 15,521.89   +180.81 (+1.18%)

Russell 2000 --- 2,221.90   +18.96 (+0.86%)

The SP500 opened at 4650, up a point, and quickly fell to 4645, the lo.  It climbed to 4688 at 1:00, and after a slight draw back rose to 4698, the hi, just before and about a point above the close.

The DJI30 opened at 35492, off 1, and until after 10:00 bounced near 35433, off 60.   It rose to 35762 at 1:00.  After a slight drawback it rose to 35765, just before and 11 points above the close.

The NASDAQ opened at 15319, off 22. It quickly dropped to 15303, off 38, then climbed to 15492 at noon. After a partial drawback it rose to 15526 just before and 4 points above the close.

The Russell opened at 2202, off a fraction. It bounced further into negative territory, hitting near 2195, the lo, off 8.   It climbed to 2219 after 1:00, and after a partial draw back climbed to 2223, a few minutes before and less than a point above the close.

After a rather shaky start this was a day of solid gains.  The SP500 is approaching close to its recent all time highs.  But the other indexes are not.  Today's gains add support to the bullish short term case, but are far from definitive.

Thursday, December 23, 2021

SP500 at the close ---  4,725.79   +29.23 (+0.62%)

DJI30 --- 35,950.56   +196.67 (+0.55%)

NASDAQ --- 15,653.37   +131.48 (+0.85%)

Russell 2000 --- 2,242.75   +20.85 (+0.94%)

The SP500 opened at 4704, up 7 and rose quickly until 11:15 when it level off near 4730.  It climbed to 4740 after 3:45, then fell 15 points into the close.

The DJI30 opened at 35782, up 71 and quickly rose to 35970.  It ran near that level until 1:45, when it rose again hitting 36061, the high after 3:45, then fell 110 points into the close.

The NASDAQ opened at 15545, up 23, and climbed quickly until mid-morning.  It then climbed more slowly until 3:00, when it slipped a bit until 3:30, the rose to 1598, the hi, before dropping 45 points into the close.

The Russell 2000 opened at 2222, up a fraction.  After languishing for an hour it rose, reaching 2248, the hi, at 2:00.  From there, it was a bumpy 6 point slide into the close.

This was a day of substantial gains, only marred by the declines in the closing moments.  This could be the beginning of a down turn or just part of a counter-current wave at some lo level of trend, assuming this week's gains are impulsive. 

That wraps up this week, with the markets closed tomorrow in observance of the Christmas holiday.

Weekly gains -

SP500 + 2.28%

DJI30 + 1.65%

NASDAQ + 3.19%

Russell + 3.11%