Monday, December 27, 2021
SP500 at the close --- 4,791.19 +65.40 (+1.38%)
DJI30 --- 36,302.38 +351.82 (+0.98%)
NASDAQ --- 15,871.26 +217.89 (+1.39%)
Russell 2000 --- 2,261.46 +19.89 (+0.89%)
The SP500 opened at 4733, up 8 points, and immediate;y rose to 4750. It then rose more slowly, reaching 4774 at noon and 4784 at 2:30. After a slight draw back it rose into the late day hi, closing less than a point lower. Last Thursday the index came within 4 points of a new intra-day hi. Also on Thursday it reached a new closing hi by 13 points, and today it exceeded that by 65.
Elliott Wave analyst Avi Gilbert identifies 4677 as a critical support level to maintain the short term bullish case. A significant break of that level means that a corrective phase is unfolding with further declines expected. He also identifies 4788 [top horizontal line on the graph] as critical resistance. An impulsive break through suggests further gains ahead.
The DJI30 opened at 35954, up 4 points, and immediately rose to 36077. It chopped up and down for 45 minutes, then climbed again reaching 36187 at 12:15 and 36265 at 2:30. After a slump to 36200 after 3:00 it rose sharply to close 4 points under the late day hi. This index is approaching new highs, but has not yet achieved them.
The NASDAQ opened at 15697, up 43 points, and quickly rose to 15763. After a brief draw back it climbed to
155844 at 12:15 and after 2:30. Following a slump to 15825 before 2:30 it rose to close within a fraction of the day's hi. It is still 200 to 400 points under recent all time highs.
The Russell 2000 opened at 2242, up a point. It slumped to 2230, off 11, at 10:00, then quickly rose, reaching 2255 at 11:15. It ran horizontal above 2250 until after 3:30 when it climbed sharply into the close for the day's largest gain. It remains about 200 points under the recent all time highs.
This is a nice follow up to last week's gains, and a good start to the week. Maybe there is a Santa Clause.
Wednesday December 29, 2021
Yellow Arrow Sideways
SP500 at the close --- 4,793.06 +6.71 (+0.14%)
DJI30 --- 36,488.63 +90.42 (+0.25%)
NASDAQ --- 115,766.22 -15.51 (-0.10%)
Russell 2000 --- 2,249.24 +2.74 (+0.12%)
The SP500 opened at 4789, up 2 points, and dropped to 4778, the lo, off 8 points at 10:15. It stayed under 4793 until 2:00, and reached 4804, the hi at 3:50, the dropped hard into the close for a small gain.
The DJI30 opened at 36421, up 23, quickly reached 36509, up 111, then dropped to 36396, off 2, the lo, at 10:15. It stayed below 36509 until 3:00, and reached 46572.the hi at 3:50 before dropping hard into the close for a modest gain.
The NASDAQ opened at 15795, up 13, and dropped to 15680, off 102 at 10:15. It then stayed below 15777 until 3:30, hitting 15792 after 3:50, followed by a drop into the close for a small loss.
The Russell 2000 opened at 2246, off a fraction, and dropped to 2237, off 10, at 10:15. It climbed to 2253, the hi, after 11:00. it snaked around neutral, staying above 2243 the rest of the day, then rising from that level after 3:30 to close with a small gain.
Today's action appears to be counter-current to the presumed short term up trend. The SP500 has stalled within a few points of 4788, the critical resistance level identified by Avi Gilbert. Pushing through that level with an impulse will validate the bullish case.