The market remains somewhat sluggish as it flops around in what is so far a sloppy six-week consolidation. Over the weekend the S&P 500 and NASDAQ Composite Indexes were each about 2% and 1% down from their recent highs, respectively.
So far this week the market has been airing successive episodes of As the Market Turns. Each day seems to bring with it a new story line of rallies and breaks, rallies and breaks, and anything else that adds a touch of swirly excitement and confusion to the action.
The Dow Jones Industrials Index, not shown, rallied 94.23 points on Monday, then fizzled out to close relatively unchanged. Yesterday the index sold off 145.46 points but then rallied to close down -6.72 points. Today the index flopped around in the red, selling off nearly 100 points at one time before closing down 59.44.
So, on balance, the action over the past few days has seen a fair amount of intraday volatility. We can see this only on the daily chart of the S&P 500 Index, which broke below its 50-day moving average yesterday but regained the line on increased volume, giving the day the look of supporting action.
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