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DJI30 Index at the Close --- 33,962.04-725.81 (-2.09%)
SP500 Index --- 4,258.49-68.67 (-1.59%)
The DJI opened at 34528, off 159 points, and the hi for the day. Then the bottom dropped out. It immediately fell to 34170, off 518. It hovered there for 15 minutes, then slid to about 33850, off 838. It rattled around that level for an hour and a half, rose to 34000 before noon, then slid further to 33742, the day's lo. It bounced around there from 1:30 until after 2:30, when it rose into the close on a volume surge.
This is a clearly down day, with the hi and lo lower by 561 and 906 points, respectively. The span was 787. The loss is dramatic and painful, but the Index is above its presumptive support zone, and the 13 day EMA is above the 55 day EMA. It was today's big loser. The index has traded in a range since early May and is approaching the bottom of that range. Follow-through during the rest of the week will be important.
The SP500 had a clearly down day with a similar contour. It closed deeply within its presumptive support zone from early May, and below its trend channel from the March, 2020 lo. It has just about doubled over that time.
The NASDAQ was also clearly down. At the low, it was right at the presumptive support level from the former highs in February, April and June. It is marginally above the trend channel and the 55 day EMA.
The Russell 2000 was also clearly down. It landed deeply within the prospective support region from January. It is now below the trend channel from March 2020. This is the only index where the 13 day EMA is below the 55 day EMA. This happened on Friday, the the gap widened today.
If there's a bright spot, its that there was partial recovery at the close for all the indexes, on volume surges. The word on the street is that this was caused by a sudden surge in covid fears. As you can imagine, I'm skeptical. Was there big news on that from today? This might be the start of the correction many analysts have been predicting. It could be a bumpy ride for the next weeks to months, so fasten your safety belts. NYSE internals are terrible, and on above average volume.
Daily changes -
DJI Closings -
7/19/19 - 27154
7/17/20 – 26735
6/18/21 - 33823
7/19/21 - 33783
NYSE Internals -
A/D = 516/2879 = 0.18
A/D Vol = 0.11
New Hi/Lo = 20/96 = 0.21