Taking Stock - week of January 10, 2022

Monday, January 10, 2022

SP500 at the close ---   4,670.29   -6.74 (-0.14%)

DJI30 ---   36,068.87   -162.79 (-0.45%)

NASDAQ ---   14,942.83   +6.93 (+0.05%)

Russell 2000 ---   2,171.15   -8.66 (-0.40%)

The SP500 started negative, took a deep dive to 4582, the lo, off 95, before 11:00; and, coincidentally, 95 points below the critical support level. But it recovered the rest of the day, and finished with only a small loss.   

The DJI opened at 36175, the hi, off 56 points.  It dropped to 35640, the lo, off a stunning 592 points before 11:00.  From there it also recovered, finishing with a moderate loss. 

An encouraging point is that both of these indexes finished on up-ticks and volume surges.

The NASDAQ opened at 14752, off 184 points, and dropped to 14530, its lo, before 11:00.  It rose the rest of the day to finish at its high for a minuscule gain.

The Russell opened flat at the day's hi, and dropped near 2133, the lo, before 11:00.  After a slight rise it fell again, hitting the lo, off 45 points, before 1:00.  From there it rose into the close, finishing with a moderate loss.

All the indexes followed similar paths with deep declines in the morning and strong recoveries later in the day, mostly for losses.  If the upward momentum can continue tomorrow, this could be the end of the decline.  But that is no sure thing, so we'll have to wait and see.

Tuesday, January 11, 2021

SP500 at the close ---   4,713.07   +42.78 (+0.92%)

DJI30 ---   36,252.02   +183.15 (+0.51%)

NASDAQ ---   15,153.45   +210.62 (+1.41%)

Russell 2000 ---   2,194.00   +22.85 (+1.05%)

The SP500 opened at 2669, off a point, and fell to 4638, the lo, before 10:00.  Before 11:00 it started rising, and ran sideways for the last hour, and closed 1 point under the hi for a substantial gain.

The DJI opened at 36059, off 10, and fell to 35769, the lo, off 299 before 10:00.  It then climbed, hitting 36271, the hi, after 3:00, then slid about 30 points into the close for a moderate gain. 

The NASDAQ opened at 1419, off 24 points. It dropped to 14838, the lo, off 105 at 9:45.  It climbed until noon, then ran mostly sideways into the close, finishing with a large gain.

The Russell opened flat at 2171.  It fell to 2155, the lo, off 16 points.  It reached 2193 after 2:00, and then ran sideways into the close for a substantial gain.  

All the indexes dropped early, then recovered hitting their highs in the afternoon – when motions were more or less flat.  Clearly, recent days have been a time of above normal volatility, and that might not end any time soon.

Hang on to your hats, the ride could get thrilling.

Wednesday, January 12, 2021

SP500 at the close ---   4,726.35   +13.28 (+0.28%)

DJI30 ---   36,290.32   +38.30 (+0.11%)

NASDAQ ---   15,188.39   +34.94 (+0.23%)

Russell 2000 ---   2,176.06   -17.95 (-0.82%)

The SP500 opened at 4729, up 16 points.  It rose to 4749, the hi, up 36, at 10:45, and dropped to 4707, the lo, at 11:15.  The rest of the day it chopped mostly sideways around 4720 and concluded with a small drop on a volume surge, ending with a small gain.

The DJI30 opened at 36336, up 84 points.  It reached 36453, the hi, up 201, then fell to 36168, off 84.  It chopped around the rest of the day, dropping slightly below neutral a couple more times.  At the end, it slid a few points into the close on a volume surge.

The NASDAQ opened at 15263, up 110.  It reached the hi, 15319, at 9:45, then dropped to the lo, 15117, between 11:00 and 11:30.  The rest of the day was mostly sideways and slightly positive, ending with a slight gain.

The Russell 2000 opened at 2195, up less than a point.  It reached 2210, the hi, at 10:00, then fell to, 2169, the lo, at 11:15.  It spent the rest of the day in the red, and finished with a substantial loss.

The other 3 indexes were positive to small extents.  The Russell is often an outlier, but represents a far greater number of issues.  And even in that case, the day's hi and lo are both higher, so the span moved up, though the close was down.  So this day is inconclusive.  I hope.

Thursday, January 13, 2021

SP500 at the close ---   4,659.03   -67.32 (-1.42%)

DJI30 ---   36,113.62   -176.70 (-0.49%)

NASDAQ ---   14,806.81   -381.58 (-2.51%)

Russell 2000 ---   2,159.44-16.62 (-0.76%)

The SP500 opened at 4733, up 7 points.  It reached 4744, up 18 points, at 10:00, then fell the rest of the day.  It hit, 5650, the lo, just moments before, and 9 points below the close.  It finished with a large loss.

The DJI 30 opened at 36312, up 22.   It hovered near 36514, up 224 from 11:30 until noon.  It fell in 2 steps to 36044, the lo, moments before and 69 points under the close.  It finished with a moderate loss.

The NASDAQ opened at 15245, up 57, and reached 15260, the hi, before 10:00.  It fell in 3 steps, reaching 14782, the lo, a few minutes before and 25 points below the close.  It finished with a unusually large loss.

The Russell 2000 opened at 2177, up a point.  I reached 2197, the hi, at 10:00.  This was the first and highest of three peaks in the roller-coaster ride to the bottom.  This occurred minutes before and 5 points below the close.  It finished with a substantial loss.  It sits now at a support level extending back a year.

Friday, January 14, 2021

SP500 at the close ---   4,662.85   +3.82 (+0.08%)

DJI30 ---   35,911.80   -201.79 (-0.56%)

NASDAQ ---   14,893.80   +86.95 (+0.59%)

Russell 2000 ---   2,162.46   +3.02 (+0.14%)

The SP500 opened at 4636, off 21 points. It rose close to the day's hi before 10:30, but fell back to 4615, the lo, before 1:30.  It then rose again, hitting 4665, the hi, just before closing about 2 points lower, for a minuscule gain.

I've added a lower trend line to the chart, starting at 10/4/21.  The index might be tracing an ending diagonal.  If correct, there could be a blow off ending, followed by a sharp decline.  We'll have to see how this plays out.

The DJI30 opened at 35996, the day's hi, off 117.  It dropped to 35641, the lo, off 472, before 1:30.  It then rose

to 35935 moments before the close, 23 points lower, for a modest loss.

The NASDAQ opened at 14708, off 99 points.  It rose to 14888, near the hi, before 9:30, then dropped, hitting 14689, the lo, off 117 before 1:30.  From there it rose again, reaching 14898, the hi, moments before the close, for a modest gain.

The Russell 2000 opened at 2158, off a point.  It reached 2156, off 3, before 10:30.  It fell, hovering near  2126, the lo, around 1:30. It then climbed steadily to close at the hi for a small gain.

The indexes all had roughly similar contours, but with different magnitudes at different levels. Diversity in unity, I guess.  Though I may have that backwards.

Weekly changes -

SP500  -0.30%

DJI30  -0.88%

NASDAQ  -0.28%

Russell 2000  -0.80%