Closing at 2500.31, the NASDAQ broached that level for the third time in the 4 days. Its recovery continues to outpace the DJIA, at 79 percent of the 2007 high. Both leave the S&P500 far behind, only at 77 percent of that high.
The NASDAQ time path of closing prices, in the diagram, reveals its rapid recovery, compared to the earlier cycle, as well as the devastating drop from the internet booming go-go high.At the end of todays session the NASDAQ as well as the S&P500 moved .81 percent ahead. The DJIA gained just .23 percent, but note that it outperformed the other two indices in recent days.
The current pattern of past closes is +2/-1 for the DJIA and the S&P500; it is +1/2 for the NASDAQ. The market has repeated this array a total of 159 times. Seventeen of these occurred since 2000, with the indices rising again after five of those recent closes. In total, since 2000, the NASDAQ and the S&P500 increased 9 times and fell on the other eight. The DJIA, though, has a significant tilt toward the negative side, with twelve declines and only five advances.Differences of these magnitudes leave the prospects for the following day uncertain; and like yesterday, such counts provide no meaningful insight into the future.
DJIA .23 percent
NASDAQ .81 percent
S&P500 .81 percent