Taking Stock -- Week of November 8, 2021

Monday, November 8, 2021

Green Arrow Up

SP500 at the close --- 4,701.70 +4.17 (+0.09%)

DJI30 --- 36,432.22 +104.27 (+0.29%)

NASDAQ --- 15,982.36 +10.77 (+0.07%)

Russell 2000 --- 2,442.74+5.66 (+0.23%)

The SP500 opened at 4701, up 4 points. It reached 4715, up 17, the hi a few minutes later, then had a choppy drop to 4694, off 3 points,the lo, at noon. It rose to 4706 at 2:25, the went mostly sideways into the close for a small gain. It had an inside day by 4 and 13 points. It missed an intra-day hi by 4 points, but reached a new closing hi by 4.

The DJI 30 opened at 36416, up 87 points. It followed a similar path but at its 1:00 low, 36334, it was up 6 points. It rose to 35415 at 2:30, and then went mostly sideways to the close for a modest gain that was the day's largest. It had a clearly up day by 81 and 144 points, and achieved new highs by 81 intra-day and 104 at the close.

The NASDAQ opened at 15996, up 24 points. It had a much choppier day, hitting its hi, 16038, up 67, a few minutes later, and its lo, 15962, off 10, just 10 minutes before the close for a small gain. It had an inside day by 15 points at the top and 61 at the bottom. Ot missed an intra-day hi by 15, but made a new closing hi by 11.

The Russell 2000 opened at 2438, up just 22 points. I reached its hi, 2459, before 10:00, then went sideways until noon. It slumped to 3438, the lo, up just over a point at 2:30. From there it went mostly sideways into the close for a small gain. It had a clearly up day by 10 and 35 points, and achieved new intra-day and closing highs by 10 and 6 points.

Today's gains are not large, but each index achieved a new closing hi, and the lows were all higher than yesterday's. This seems like a positive continuation.

SP500 Closings -
11/08/19 - 3093
11/06/20 - 3509
10/08/21 - 4391
11/08/21 - 4697

NYSE Internals –
A/D = 1839/1498 = 1.23
A/D Vol = 1.44
New Hi/Lo = 265/15 = 17.67

Tuesday, November 9, 2021

Red Arrow Down

SP500 at the close  ---   4,685.25   -16.45 (-0.35%)

DJI30    ---  36,319.98   -112.24 (-0.31%)

 

NASDAQ   ---   15,886.54  -95.81 (-0.60%)

Russell 2000   ---   2,425.18-   17.56 (-0.72%)

The SP500 opened at 4707, up 6, and reached the day's hi, a point higher a few minutes later.  It dropped to 4675 after 10:00, then moved mostly sideways, hitting 4671, the day's lo, off 31, after noon.  From 2:00 on it had a slight rise into the close for a modest loss.

The DJI 30 opened at 36405, off 28 points, and chopped down to its lo, 36173, off 259, after noon. Before 2:30 It started climbing, and finished with the day's smallest loss.

The NASDAQ opened at 16024, up 41, and within moments hit 16035, the hi, up 53.  It fell to the lo, 15843, off 140, after 10:00, then went mostly sideways the rest of the session.

The Russell 2000 opened at 2442.22, off a fraction, and immediately fell, hitting 2414, off 28 after 10:00.  

it rose to 2430 at 10:30, then went mostly sideways, all the way to the close, for the day's largest loss.

Today's pull back is probably counter-current sub-wave 4 of a 5 wave upward impulse, and could take a few days to play out.  I don't expect The SP500 to go below 4566.  However, a  deep retracement to 4414 is possible.  If it goes below that, I'm reading the waves incorrectly.

SP500 Closings -

11/08/19 - 3093

11/09/20 - 3551

10/08/21 - 4391

11/08921 - 4681

NYSE Internals – 

A/D = 1566/1746 = 0.90

A/D Vol = 0.76

New Hi/Lo = 169/29 = 5.83

Wednesday, November 9, 2021

Red Arrow Down

SP500 at the close  ---   4,646.71.  -38.54 (-0.82%)

DJI30    ---  36,079.94  -240.04 (-0.66%)

 

NASDAQ   ---   15,622.71.  -263.84 (-1.66%)

Russell 2000   ---   2,389.58  -37.71 (-1.55%)

No time - nor much need - for the details today.  The indexes all started near neutral, slumped until about 2:45, then rose slightly into their respective closes for varying degree of loss. If I'm reading it right, this is a 4th wave counter-current move, and will last a few days before the indexes go on to new highs in wave 5.

SP500 Closings -

11/08/19 - 3093

11/09/20 - 3546

10/08/21 - 4391

11/08921 - 4647

NYSE Internals – 

A/D = 1068/2229 = 0.48

A/D Vol = 0.63

New Hi/Lo = 143/38 = 3,76

Thursday, November 11, 2021

Yellow Arrow Sideways

SP500 at the close  ---   4,649.27   +2.56 (+0.06%)

DJI30    ---  35,921.23   -158.71 (-0.44%)

 

NASDAQ   ---   15,704.28   +81.58 (+0.52%)

Russell 2000   ---   2,409.14   +19.56 (+0.82%)

The SP500 opened at 4659, up 13 points.  It had a very choppy session, reaching the hi, 4665, up 18, after 11:30 and the lo, 3638, up 2, just before the close.  After touching near the lo after noon and 1:00 it rose until after 2:30, then slumped into the close with a last minute volume surge, for a minuscule gain.  It was an inside day by 20 points at the top and 2 ½ at the bottom.  It looks like the index found support at the 13 day EMA, but nothing encouraging happened here.

The DJI opened at 36039, off 41 points, quickly jumped up to 36108, up 28, then fell to 35930, off 150, a few moments later.  It ran sideways until 1:00, then slowly slid into the close for a moderate loss.  It slightly pierced the 13 day EMA level.  It had a clearly down day by 238 points at the top and 94 at the bottom

The NASDAQ opened at 15751, up 129 points, and reached it hi, 15768, up 145 before 10:00.  It went mostly sideways until after 2:30 when it fell hard to 15696, the lo, up 73, then limped into the close for a modest gain.  This was an inside day by 99 points at the top and 152 at the bottom.  There might have been support at the 13 day EMA.

The Russell 2000 opened at 2391, up a fraction, the day's lo. It climbed to 2419, the hi, up 29 at 12:45, then slowly slumped the rest of the day, finishing with a robust gain.  There was support just about at the 13 day EMA.  It had an inside day by 10 points at either end.

Each index moved in a different way, with mixed results. All but the Russell ended the day below its start.  But even it fell in the afternoon.  I see this as as sub-subwaves of sub wave 4 down unfolding. This could play out over a few more days, followed by wave 5 up to new highs.  If I'm reading it right.

SP500 Closings -

11/11/19 - 3087

11/11/20 - 3573

10/11/21 - 4361

11/11/21 - 4649

NYSE Internals – 

A/D = 1887/1437 = 1.31

A/D Vol = 1.94

New Hi/Lo = 103/51 = 2.02

Greenish Arrow Upish

SP500 at the close  ---   4,682.85   +33.58 (+0.72%)

DJI30    ---  36,100.31   +179.08 (+0.50%)

 

NASDAQ   ---   15,860.96   +156.68 (+1.00%)

Russell 2000   ---   2,411.78   +2.63 (+0.11%)

The SP500 opened at 4655, up 6 points, and hit 4651, the lo, off 1.5 point a few minutes later.  From noon on it went sideways near 4675, hitting 4688, the hi after 3:30. This was a clearly up day by 24 points at the top and 2 at the bottom.

The DJI30 opened at 35964, up 43 points, and dropped to 35935, the lo, up 13 after 10:00.  It ran  mostly sideways around 36075 until after 3:30 when it rose to 36148, the hi, then slid into the close.  This was a clearly up day by 39 and 19 points.

The NASDAQ opened at 15753, off 108, and dropped to 15725, the lo, before 10:00.  It ran mostly sideways around 15840 until after 3:30, when it rose to 15875  after 3:30, then slid into the close.  This was a clearly up day by 107 points at the top and 10 at the bottom.   

The Russell 2000 opened at 2409, up a fraction, rose to 2417, up 5, the hi at 9:45. It wandered close to neutral until 3:00, rose near the hi after 3:30, then slumped into the close.  This was an inside day by 2 points at the top and 15 at the bottom.

All the indexes seem to have found at least temporary resistance at their respective 13 day EMAs.  There were some solid gains, but unless and until the indexes exceed Monday's highs, my position is that they are all in counter-current 4th waves.  The shape of the recent curve in the DJI chart below is typical of the other indexes.

 

Weekly Changes -

SP500  - 0.31%

DJI 30  - 0.63%

NASDAQ  -0.60%

Russel 2000  -1.04%

SP500 Closings -

11/12/19 - 3092

11/12/20 - 3537

10/12/21 - 4351

11/12/21 - 4683

NYSE Internals – 

A/D = 1817/1539 = 1.18

A/D Vol = 1.12

New Hi/Lo = 143/41 = 3.49