Following yesterdays strong advance, prices fell, but not very much. Thus, the market returned to its earlier, since December, minor daily change routine. The NASDAQ lost -.07 percent, the DJIA declined -.17 percent while the DJIA fell -.20 percent.
Todays pattern of -1/+3 for the NASDAQ and -1/+2 for the other two averages has happened just ten times since 1950 with three in this century. However, extrapolating this history to project tomorrows changes, is a stretch, since the last two previous changes of all three indices range from -2.2 percent to +1.71 percent.
Consequently, it would take a leap of faith to believe that todays results come from the same universe s the past three years.
With no projection for Fridays market, note that the forecast for today, was based on a history of only seven previous closes. Hence while correct and on the money, that estimate as well could not boast much reliability.
DJIA - .20 percent
NASDAQ - .07 percent
S&P500 -.17 percent