Each candle on the charts below represents a period of three
days. The current candle closed today (Wednesday). I wanted to look at
this timeframe on the assumption that the two-day rally (which began on Monday
this week) was simply a pre-election dead-cat bounce, and to see how much lower
today's close was compared to Friday's close. Here are the figures for each of
the Major Indices.
S&P 100 Index
- Friday's close = 646.88
- Today's close = 636.27
- Today's close dropped 10.61 points from Friday's close
Dow 30
Index
- Friday's close = 13093.16
- Today's close = 12932.73
- Today's close dropped 160.43 points from Friday's close
S&P
500 Index
- Friday's close = 1414.20
- Today's close = 1394.53
- Today's close dropped 19.67 points from Friday's close
Nasdaq 100
Index
- Friday's close = 2656.28
- Today's close = 2612.69
- Today's close dropped 43.59 points from Friday's close
Russell
2000 Index
- Friday's close = 814.37
- Today's close = 804.52
- Today's close dropped 9.85 points from Friday's close
Dow
Utilities Index
- Friday's close = 469.78
- Today's close = 452.30
- Today's close dropped 17.48 points from Friday's close
Dow
Transportation Index
- Friday's close = 5110.17
- Today's close = 5103.52
- Today's close dropped 6.65 points from Friday's close
Furthermore,
on this timeframe, you can see that the following indices have broken and closed
below their uptrend which began in October 2011 (August 2011 for the Dow
Utilities Index):
- S&P 100
- Dow 30
- Nasdaq 100
- Russell 2000
- Dow Utilities
- Dow Transportation
The only index that has not yet broken and
closed below its uptrend is the S&P 500 Index…the one to watch for further
weakness as the others deal with their bearish trendline breaks, which signal
more weakness ahead.
