Alphabet Inc. (NASDAQ:GOOG) struggling at the long-term 200-day line
Dow Jones futures fell Thursday night, along with S&P 500 futures and Nasdaq futures. The current stock market rally has hit resistance at the 200-day line, with China trade fears slamming the Dow Jones, S&P 500 and Nasdaq on Thursday. Notably, FANG stocks Amazon (AMZN), Facebook (FB) and Google parent Alphabet (GOOGL) are struggling at the long-term 200-day line, while Netflix (NFLX) is fighting to hold that level. Apple (AAPL), which is still well below its 200-day, also weighed on the indexes.
This is a confirmed uptrend with few distribution days. But investors need to recognize when a stock market rally faces resistance. Stocks, even top stocks from leading sectors, may struggle at such points.
Dow Jones Futures Today
Dow Jones futures lost 0.4% vs. fair value. S&P 500 futures fell 0.4%. Nasdaq 100 futures retreated 0.5%. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 1,092.91.
The projected upper bound is: 1,166.32.
The projected lower bound is: 1,034.10.
The projected closing price is: 1,100.21.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 57.9832. This is not an overbought or oversold reading. The last signal was a sell 0 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 53.10. 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 79 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 4. This is not a topping or bottoming area. The last signal was a sell 0 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 5 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed down -16.520 at 1,098.710. Volume was 9% above average (neutral) and Bollinger Bands were 8% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,103.06 1,063.88 1,117.88
Volatility: 36 40 33
Volume: 1,798,475 1,859,666 1,670,280
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 gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
ALPHABET INC C is currently 1.7% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 22 periods.
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