Monday, December 31, 2022

Green Arrow Up

SP500 at the close ---  4,796.56   +30.38 (+0.64%)

DJI30 --- 36,585.06   +246.76 (+0.68%)

NASDAQ --- 15,832.80   +187.83 (+1.20%)

Russell 2000 --- 2,272.56   +27.24 (+1.21%)

The SP500 opened at 4778, up 12 points, and after a rise dropped quickly, hitting 4758, the lo, before 10:00.  It stayed below 4786 until 2:00, then rose to close within a fraction of the late day hi, for a solid gain. It achieved a new closing hi, but not a new intra-day hi. This is an outside day, with the hi higher by 10 points and the lo lower by 7.  The index is still stalled near 4788, the critical resistance level identified last week.

The DJI30 opened at 36322, off 17.  It first rose, then fell to 36246, the lo, off 92, before 10:00.  It stayed below 36495 until 2:00, then rose closing within a point of the late day hi, for a solid gain.  It also achieved a new closing hi but not a new intra-day hi.  It had an outside day, with the hi higher by 11 points, and the lo lower by 58.  it also seems stalled near the earlier highs from November.

The NAQSDAQ opened at 15733, up 88.  After a brief rise it fell to 15644, off a fraction before 10:00.  It stayed below 15785 until after 1:30.  It stepped up to 15820 after 2:30, then went mostly sideways to close at 15832, the hi, for a substantial gain.  It had a higher higher by 55 points, but the bottom was flat.  It remans about 70 ponits under the early November highs.

The Russell 2000 opened at 2247, the lo, up over a point.  It reached 2284, the hi, up 38 at 10:30.  It dropped to 2260 after 11:30, and stayed at that level until after 3:00. After a slight dip it rose into the close, 12 points under the mid-morning hi.  It had a clearly up day by 26 points at the top and 2 at the bottom, and remains about 200 points under the early November highs.

All things considered, this is a pretty good start to the week.  But the situation is still ambiguous.

Tuesday, January 4, 2022

SP500 at the close ---   4,793.54   -3.02 (-0.06%)

DJI30 ---   36,799.65   +214.59 (+0.59%)

NASDAQ ---   15,622.72   -210.08 (-1.33%)

Russell 2000 ---   2,268.87   +23.56 (+1.05%)

The SP500 opened at 4805, up 8 points and rose to 4819, the hi, up 22, before 10:00.  It then fell, hitting 4774, the lo, off 22, at 2:00.  It climbed again, hitting 4807 at 3:50, but then fell 11 points to close with a minute loss, on a volume surge. 

The Index is still hung up near the 4788 critical resistance level. 

The DJI30 opened at 36636, the lo, up 51 points, and hit 36935, the hi, up 350, before 11:00.  It drooped to 36740, up 155 at 2:00, rose to 36890 at 3:50, then dropped 90 points into the close on a volume surge.  Still, the Index achieved a new intra-day hi by 255 points and at the closing by 215. Obviously, this is a clearly up day that spent every moment well into positive territory.  

The NASDAQ opened at 15852, the hi, up 19, but fell to 15538 at 11:00.  It stayed below 15607 until after 3:00, reaching 15512, the lo, off 320, when it had a slight rise, but then fell into the close on a volume surge.  Because of the opening gain this was an outside day, but the lo was lower by 132 points.  

The Russell 2000 opened at 2247, the lo, up 2 points.  It immediately rose to 2288, the hi, up 43.  It then slumped, reaching 2258 after 11:00.  From there it meandered into the close for the day's largest gain.  Th hi was up 4 points, but the lo was dead even with yesterday's.

The indexes were strangely disconnected today, so no general trend can be identified.  I'm taking this to be consistent with the idea that they are experiencing an ongoing corrective wave, against a higher level upward thrust; though the DJI and Russell might be starting the next upward wave.  This is all very uncertain.

  

Wednesday, January 5, 2022

Red Arrow Down

SP500 at the close ---   4,700.58.  -92.96 (-1.94%)

DJI30 ---   36,407.11   -392.54 (-1.07%)

NASDAQ ---   15,100.17   -522.54 (-3.34%)

Russell 2000 ---   2,194.00   -74.87 (-3.30%)

This was not very good day, right from the beginning.  Then, after 2:00, it got really bad, for all the indexes.  Changes of a percent or so, in either direction, are not uncommon.  Changes of 2 percent are uncommon.  Changes of over 3% are rare.

The SP500 dropped almost 2% today, and is now closer to the critical support level than it is to the critical resistance level I mentioned several times recently.  If that is breached significantly, then the presumed up-trend

is refuted.

Futures are close to flat, but slightly positive as I write this, shortly after 9:00 p.m. EST.  We'll see if that can carry into the next session.

Thursday, January 6, 2022

SP500 at the close ---   4,696.05   -4.53 (-0.10%)

DJI30 ---   36,236.47   -170.64 (-0.47%)

NASDAQ ---   15,080.87   -19.31 (-0.13%)

Russell 2000 ---   2,206.37   +12.37 (+0.56%)

The SP500 opened and closed slightly negative.  In between, it stayed within 25 points above and 29 points below neutral.  It was inconclusive after yesterday's large loss.  At the low it was 6 points under the critical support level at 4617.  A significant breach will suggest further losses.

The DJI 30 opened slightly positive and spiked up 57 points after 12:30.  The rest of the day was spent in the red, ending with a moderate loss.  At the lo, it went slightly under the 144 day EMA.

The NASDAQ opened negative and hit its minimum after 10:00.  I spent most of the day slightly positive, but finished with a small loss. At the lo, it went slightly under the 145 day EMA.

The Russell 2000 opened flat and fell to its lo before 10:30.  It spent the rest of the day positive, and finished with a modest gain.  It spent the day below its moving averages.

The bleeding didn't completely stop today, but it slowed down substantially. The gain in the Russell is hopeful.  Let's hope tomorrow brings a recovery.