Nasdaq Trading and Technical Analysis

#Nasdaq Composite ended the day up 1.53%.

Tech stocks helped to propel the Nasdaq higher as Facebook gained 3.87%, Alphabet increased 3.29%, Microsoft rose 1.78%, Apple grew 0.54% and Amazon closed up 0.53%.

Markets also responded to comments by Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, during her Senate confirmation hearing. Yellen called for the federal government to take further action to boost the economy hit by the COVID-19 pandemic.

“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big,” Yellen said. “I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”

Nasdaq closed up 198.677 at 13,197.179. Volume was 24% above average (neutral) and Bollinger Bands were 42% narrower than normal.

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.

Summary

Nasdaq is currently 21.9% above its 200-period moving average and is in an upward trend.

Our volume indicators reflect volume flowing into and out of the Nasdaq at a relatively equal pace (neutral).

Our trend forecasting oscillators are currently bullish on the Nasdaq and have had this outlook for the last 49 periods.

Overall, the bias in prices is: Upwards.

A white body occurred (because prices closed higher than they opened).

During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles.

During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

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