Gaining .36 percent, the DJIA has now changed direction six times in as many days. The NASDAQ, up .77 percent, also reversed yesterdays loss, recording its fourth reversal in the last four days. The quite different S&P500 record, posted a .62 percent advance after Wednesdays loss; but that index had been up for six straight sessions before then.
The past has seen 503 days with this pattern, with 223 coming after December 1999. The outlook for the next day, based on this record, implies continuation of the up/down market. While gains did outnumber losses for the DJIA and the NASDAQ, the margin was no larger than 9, the S&P500s 112 losses exceeded its 111 gains.
Furthermore, the incidence of this pattern does not match the two periods of bull and bear markets since 2000. In consequence, therefore, todays commentaries parallel those of the day before.
DJIA .36 percent
NASDAQ .77 percent
S&P500 .62 percent