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Watch out for a set of outside day reversals today-check out the Dow Jones now

The Nasdaq 100 opened higher today, at 16,852. It then traded to a new 2024 high at 16,898. It has since fallen back below 16,700. The index closed last night at 16,793. As covered here earlier, the Dow Jones reopened at a record opening level off 37,747. It then rose to a new all time high at 37,801. The subsequent drop has just delivered a low at 37,428 so far. A daily close tonight below 37,695 (last night close) would set in place an outside day reversal from what is a new all time high. The S+P 500 also opened higher today, at 4,792. It then also set a new 2024 high at 4,798 (not an all time record though as that remains in place from 2022, at 4,818). Nevertheless, as far as the S+P is concerned, a close below 4,783 this evening would still set in place an outside day reversal, from what is a new 2024 high earlier today. That would be the case if the index closes below the close last last night, at 4,783. The same in that regard applies to the Nasdaq 100. So, in essence, there is the prospect right now of outside day reversals for all three major US stock market indexes today. Of course there is still time for all these to rebound and avoid such a fate. However, if that does not transpire by the close this evening, that would be a pretty weak technical signal, because it would apply to all three markets on the same day. We shall have to see if that plays out and I will comment on that first thing tomorrow morning. The Dow Jones is currently trading at 37,472

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