NASDAQ Composite (.IXIC) Amazon and Netflix keeping the Nasdaq under pressure
U.S. stocks opened mixed on Tuesday, with losses in high-growth names including Amazon and Netflix keeping the Nasdaq under pressure, while the S&P 500 and the Dow Jones industrial index opened flat.
The Dow Jones Industrial Average rose 39.12 points, or 0.16 percent, at the open to 24,482.04. The S&P 500 opened lower by 0.57 points, or 0.02 percent, at 2,640.68. The Nasdaq Composite dropped 32.42 points, or 0.46 percent, to 7,017.87 at the opening bell.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 7,658.36.
The projected upper bound is: 7,451.72.
The projected lower bound is: 6,845.21.
The projected closing price is: 7,148.46.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 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 31.2223. This is not an overbought or oversold reading. The last signal was a buy 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 36.39. 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 3 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 -122.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 10 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 sell 19 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 111.358 at 7,161.650. Volume was 26% above average (neutral) and Bollinger Bands were 123% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,328.89 7,788.56 7,518.61
Volatility: 38 26 23
Volume: 647,555,968 584,426,240 538,288,704
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.
NASDAQ COMPOSITE is currently 4.7% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of .IXIC (mildly bearish). Our trend forecasting oscillators are currently bearish on .IXIC and have had this outlook for the last 18 periods.