Relatively speaking, the Dow industrial average at -19.5% is fairing pretty well in comparison to the S&P (-24.5%) and certainly the NASDAQ index (-34.8%). The move lower today has taken the price back below the 30,000 level for the 1st time since the June 25, 2021 trading week. The price is also dipping below the 38.2% retracement of the move up from the March 2020 pandemic low to the high price reached in the 1st week of January of this year. That level comes in at 29794. I would take the index down around -20.4% and put it into bear market territory.
During the pre-pandemic tumble, the Dow industrial average fell -38.4% him him from the high to the low.
Also between the 38.2% retracement and the 200 day moving average, is the swing high from the pre-pandemic tumble back in February 2020. That level comes in at 29610.18.
So the index is reaching a key cluster of levels, and the bear market territory for this index. Key area.
Since the high for the year was in the 1st week of trading, the year to date gains and losses are pretty good proxies for the strongest and weakest of the Dow 30 stocks.
The top 5 – and the only 5 that are in positive territory - are led by a Chevron at +31.82%. Merck and Company is up 9.85% end the travelers is up 3.21%.
The biggest losers are led by Disney (-39.2%), Salesforce (-37.13), Nike (-36.16%) , HomeDepot (-34.61), and Boeing (-33.5%).
Walmart and American Express are in the middle of the Dow30 with Walmart down -16.71% YTD and American Express down -16.18%.