Taking Stock, Week of September 6, 2121

Monday, September 6, 2021

Markets were closed for the Veteran's Day Holiday.

Tuesday, September 7, 2021

Red Arrow Down

DJI30 Index at the close   ---   35,100.00   -269.09 (-0.76%)

SP500 Index   ---   4,520.03   -15.40 (-0.34%)

The DJI opened at 35373, the day's hi, up 4 points, and immediately fell, hitting the low of 35061, off 308, at 11:15.  At 1:15 it recovered to 35205, off 164, but at 2:30 slid back to 35140, then fell further into the close.

This was a clearly down day, with the hi lower by 49 points and the lo lower by 208.  The span was 312, the largest since 8/18.   The lo and close landed in the range of daily highs from late July, so 35100 +/-  might be a support range.  Or, this might the beginning of a pull back.

The SP500 had a roughly similar contour to the DJI, and a clearly down day by 6 and 8 points

The NASDAQ was down in the morning, up in the early afternoon, and then slid to a tiny gain at the close. Still, this resulted in a not only a clearly up day, by 28 points at the top and 60 at the bottom, but also all time new highs, by 23 points intra-day and 11 at the close.

The Russell 2000 started in the green, slid until noon, ran sideways until 2:00, then stepped down into the close.  It had a clearly down day by 8 and 11 points.

This was a disjointed day, but all the indexes are well above their 8/19 lows.  As long as this is true, I think the upward trend is intact.  But if these are breached, then the chances of a meaningful pull back increase.

Daily % Changes -
DJI30 -0.76%
SP500 -0.34%
NASDAQ +0.07%
Russell -0.72%

DJI Closings -
9/06/19 - 26797
9/04/20 - 28133
8/06/21 - 35209
9/07/21 - 35100

NYSE Internals -
A/D = 1023/2305 = 0.44
A/D Vol = 0.60
New Hi/Lo = 128/34 = 3.76

Wednesday, September 8, 2021

Red Arrow Down

DJI30 Index at the close   ---   35,031.07   -68.93 (-0.20%)

SP500 Index   ---   4,514.07   -5.96 (-0.13%)

The DJI opened at 35087, off 13 points, rose to the hi of 35175, up 75, then plunged to the lo of 34926, off 174, at 10:45.  After that it meandered with a slight positive tilt, including a rise of 41 points in the last 15 minutes, to end with a small loss.  This is a clearly down day by 198 and 135 points.  The spread was 250.

The index blasted through 35100, which I hoped yesterday would be a support level.  At 34926, the lo reached the 55 day EMA, and that might be a support level.  It's also in the range of several daily highs and lows from late July and early August.

The SP500 had a rather similar contour, and ended with a smaller loss.  It had a clearly down day by 14 and 19 points.  At the low it hit the 13 day EMA, and potential round number resistance at 4500.

The NASDAQ also had a roughly similar contour, though a larger loss.  It opened at the hi for the day, slumped in the morning and ran rather flat in the afternoon.  It fell rather sharply from yesterday's highs, and had a clearly down day by 43 points at the top and 137 at the bottom.  At the low, it stayed above its 13 day EMA.

It seems the Russell is usually at the day's extreme.  It had a similar contour to the other indexes in the morning, but continued to slump in the afternoon to close down more than a percent.  It had a clearly down day by 26 and 34 points.  At the low, it touched the 55 day EMA.  There could be a cluster of support near there around 2250.

This shortened week is off to a poor start.

Daily % Changes -

DJI30 -0.20%

SP500 -0.13%

NASDAQ -0.57%

Russell -1.14%

DJI Closings -

9/06/19 - 26797

9/08/20 - 27501

8/06/21 - 35209

9/08/21 - 35031

NYSE Internals -

A/D = 1279/2038 = 0.63

A/D Vol = 0.45

New Hi/Lo = 97/37 = 2.62

Thursday, September 9, 2021

Red Arrow Down

DJI30 Index at the close   ---   34,879.38   -151.69 (-0.43%)

SP500 Index   ---   4,493.28  -20.79 (-0.46%)

The DJI opened at 35013, off 18 points.  It quickly dropped to a lo of 34987, off 44, then reached the hi of 35200, up 169 at 10:00.  It dropped back down to 35020, off 11, at 11:30.  It ran sideways for almost two hours, stepped down to 34880, off 151, at 1:30, then ran mostly sideways until the close, including a 73 point drop from a local hi in the last 20 minutes.  

This is an outside day, with the hi higher by 25 points, and the lo lower by 78.  The span was 353, the widest since 8/18, when the Index lost 383 points.  The lo and close are slightly under the the 55 day EMA.

The SP500 had a similar contour, but a more dramatic drop at the close, to end up only a point above the lo.  It also had an outside day with the hi higher by 8 points, and the lo lower by 2.  The lo and the close were slightly under the 13 day EMA.

The NASDAQ ran positive until after 1:00, when it stepped down by about 50 points.  It then ran mostly sideways until after 3:30, when it fell 52 points from a local hi into the close.  It had an inside day by 8 points at the top and 39 points at the bottom.  The lo and close landed above the 13 day EMA.

The Russell 2000 started and ended less than a point under yesterday's close.  It reached the day's hi at 11:15, stepped down before 1:30, and fell 16 points from a local hi in the last 15 minutes.  It had an inside day by 2 points at the top and 3 at the bottom.

This could be considered a basically sideways day, since all the indexes are off by less than a half percent.  But, they are all down, and all slumped at the day's end, which is sign of weakness.

Daily % Changes -

DJI30 -0.43%

SP500 -0.46%

NASDAQ -0.25%

Russell -0.03%

DJI Closings -

9/06/19 - 26836

9/08/20 - 27940

8/09/21 - 35102

9/09/21 - 34887

NYSE Internals -

A/D = 1279/2038 = 0.63

A/D Vol = 0.45

New Hi/Lo = 97/37 = 2.62

Red Arrow Down

DJI30 Index at the close   ---   34,607.72   -271.66 (-0.78%)

SP500 Index   ---   4,458.58   -34.70 (-0.77%)

The DJI opened at 34950, up 62 points, immediately jumped up to 35104, up 217, and then quickly fell again, sliding into a lo of 34878, off 157, at 11:20.  By 1:00 it recovered to 35900, up 13 points.  From there, it arced down, dropping hardest at the end, to close within 6 points of the lo.  This is a clearly down day by 96 points at the top and 248 at the bottom.  The spread was 505, the largest since 787 on 7/19, when the Index fell 726 points.  The sharp fall off at the end of the session is especially disturbing.

There could be a support zone in the range of 34250 and today's lo, 34600.  But every other support level I've hoped for recently has failed.

All the indexes were in lock-step today, starting positive, slipping into the red, recovering to a slight positive, then  arcing down and dropping hard into the close.  But they all remain well above their 8/19 lows, and farther above their 7/19 lows.  If those are breached, it looks like there will be a significant correction.

This is a dismal end to a poor week.

Weekly % Changes -

DJI30 -2.15%

SP500 -1.69%

NASDAQ -1.61%

Russell -2.81%

Daily % Changes -

DJI30 -0.78%

SP500 -0.77%

NASDAQ -0.87%

Russell -0.96%

DJI Closings -

9/10/19 - 26909

9/10/20 - 27535

8/10/21 - 35265

9/10/21 - 34608

NYSE Internals -

A/D = 1192/2046 = 0.58

A/D Vol = 0.35

New Hi/Lo = 110/30 = 3.67