June 23, 2011 NASDAQ Up, DJIA and S&P Down
Daily price changes continue to produce uncommon patterns. Today, the NASDAQ moved .66 percent higher, while the DJIA lost -.49 percent and the S&P500 declined .28 percent. Only 87 such combinations exist overall, with a mere 20 in this century. We discussed the features and common traits of such closes last week, when they occurred on June 16 and 17.
Yet todays distribution, with respect to the two up and two down market phases since 2000, differs. There were ten during the 2000/2003 decline, but none in the more recent 2007/2009 recovery. On the upside, the count is eight in the 2003/2007 expansion and two, so far, in the current upturn which started in March 2009.
Notably the NASDAQ fell on the following day in all the sessions since the 2009 low point. However, both the 2000 decline and the 2003 resurgence saw three times as many positive days as declines.
Yesterdays estimate of todays results, calling for declines, was correct. The projection for tomorrow foresees prices closing higher.
DJIA - .28 percent
NASDAQ .66 percent
S&P500 -.28 percent