While the DJIA and the NASDAQ as well as the S&P500 lost ground today, it was the third decline in a row for the S&P500, the second straight loss for the DJIA while the NASDAQ fell after Friday’s advance. An uncommon pattern, to say the least, since it occurred only three times before in this century; moreover, there are just ten other such patterns between 1950 and 1999.
Further, price changes on the following day shows no consistency. Whereas the NASDAQ closed higher on all three of the next days, the S&P500 moved up only twice while the DJIA had only one advance.
Yet different daily changes is not uncommon for these three averages. Indeed, so far this year, there have been only 46 trading days where they closed with the same frequency pattern. In contrast the other 182 days showed diverse patterns for these averages.
Further, the number of different closing patterns in the past 13 years ranges from a low of 91 in 2003 to 186 in 2000.
DJIA -.15 percent
NASDAQ -.60 percent
S&P500 -.22 percent
