Alphabet Inc. (NASDAQ:GOOG) Seeing Huge Gains in January After a Rough December
The stock market shook off a late morning malaise to post another strong gain today.
The Dow and Nasdaq Composite indexes were both up more than one percent and the S&P 500 index gained 0.97 percent, marking the first three-day win streak for the market since November. The Entrepreneur Index™ rose 1.3 percent with only eight of sixty stocks in the red.
Investors continue to be optimistic about a potential trade agreement between the U.S. and China. The two countries have set a March deadline to strike a deal before more tariffs go into effect. Oil is also riding the optimism. Up 2.49 percent today, it has risen 17 percent since Christmas Eve and is on the verge of breaking back through the $50 level.
Technology stocks were generally higher today, with all four FAANG stocks on the Entrepreneur Index™ posting gains. Facebook was up the most, rising 3.26 percent. The FAANGs — with the exception of Apple Inc., which is not on the Entrepreneur Index™ — have roared back to life after suffering huge declines toward the end of last year. All of them were in bear market territory at Christmas-time but have surged by double digits since then. Netflix has had the most dramatic rise, up 37 percent since Christmas Eve.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 1,151.23.
The projected lower bound is: 1,002.36.
The projected closing price is: 1,076.79.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 92.5103. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 3 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.62. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 58 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 158.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 8 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 7.890 at 1,076.280. Volume was 5% below average (neutral) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,040.95 1,049.36 1,112.35
Volatility: 50 45 34
Volume: 1,819,558 2,051,266 1,720,396
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 3.2% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 1 periods.