2023-10-9 Monday UPtrend Day 2 – Columbus Day, usually slows down the market.

October 9, 2023

2023-10-9 Monday  UPtrend Day 2 – Columbus Day, usually slows down the market.

On Columbus day, the banks are closed but the markets are open. Many traders take the holiday anyway.Monday was a usually a non-eventful Columbus day,  Note the Nasdaq is 0.1 below its 50-day moving average.

A New UPTREND began on Friday as shown below. The Nasdaq chart below is NOT updated for Monday – (there’s not much to tell.) Monday is day 2 of the new Uptrend. The major indexes had moderate rises with lower volume.  Below is Friday’s chart, since not much has happened on this semi-holiday.

Yes, the Nasdaq non only outperformed the other major indexes I follow (S&P500 and DJIA), but if almost always does – as it goes UP and DOWN.  The harder the rise,…. The harder they fall.

I hope the chart above makes it clear that the Nasdaq is the index to follow in a rising market. Even after the market dip over the last 2+ months, the Nasdaq ()NDQC) has more than doubled the return of the S&P500. And I won’t embarrass the DJIA folks by a Nasdaq comparison when the DJIA return for the 2023 year is less than 1%.

The S&P500 and the DJIA also rose in price supported with higher volume for a Major Accumulation day for the S&P500. The DJIA just missed the “Major” designation by 0.1%. (The Major Accumulation  or Distribution designation is reserved in this newsletter for moves of at least 1% Up or Down. Thus the DJIA (a frequent laggard) did not make the “Major” cut.

·       On the good news side: Be sure to note how strongly the Nasdaq has out-performed the S&P500and the DJIA this year. (see the GROWTH OF THE MAJOR INDEXES 2 charts below.)

If you invested in the S&P500 instead of the Nasdaq last Thursday at the market close, by Friday you would have earned 25% less than the Nasdaq.

If you invested in the DJIA instead of the Nasdaq last Thursday at the market close, by Friday you would have earned 45% less than the Nasdaq.

I don’t care what my Dad told me about these indexes, the Nasdaq is the clear,long-term winner in today’s market.

On the 20-dayhistory of the Nasdaq, I really want to see a few more accumulation days (when price and volume rise together.)

When will the Nasdaq pop its head back above its 50-day moving average line?

Now look at what a NEW UPTREND looks like on the MARKET FACTOR, COUNTS & RATINGS table.Wow! look at all the green!

 

>>> I am looking for a rise in the market after the recent 2 1/2  month correction. Agood way to verify that positive movement would be to see the rightmost column in the WEEKLY ACCUMULATION/DISTRIBUTION RATINGS of STOCKS table below (labeled”A+B”) start moving higher. When the number of stocks with A or B ratings rise, I know there is serious money flowing into the stock market.

One additional “Word to the Wise”…

>>>>>--- MOST MARKETS FALL FASTER THAN THEY RISE so give this market some time to reclaim (and beat??) its prior highs.!  

Please send questions, comments,suggestions, ideas and requests to:   My text message account at(214) 995-6702.

Wishing you, “Many Happy Returns.”

Charlotte  Hudgin, The Armchair Investor,                                              

www.ArmchairInvestor.com   (214)995-6702   

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