August 29, 2012 A Small Uptick
Another day, now the third in a row, with minute changes. The DJIA after two successive losses turned higher, but barely so with a .03 percent gain. The S&P500 had a similar day, adding .08 percent. Whereas the NASDAQ, enjoying its fourth straight advance, moved just .13 percent.
These closes yield a pattern seen just 18 times in the last 3,100 past closes since January 2000. Our diagram shows this combination hugging direction changes. One of these days sits at the very top of the 2007 turning point. More of these days cluster at the very bottom of the 2003 trough.
Further, using the past as the projector, the outlook for tomorrow is far from bright, with about two-thirds of the following days losers.
DJIA .03 percent
NASDAQ .13 percent
S&P500 .08 percent
