NASDAQ Composite (.IXIC) broke a losing streak spanning five sessions
The S&P 500 broke a losing streak spanning five sessions as investors showed affection for technology stocks, which led the market higher.
The Nasdaq Composite Index posted the biggest gain, climbing 1.7%, while the S&P 500 surged 1.1%, followed by the Dow Jones Industrial Average, which rose a little under 1%.
Appetite for financial stocks along with an advance in energy shares helped the market climb.
Stocks started the session on a down note in part after Federal Reserve Chairman Jerome Powell’s remarks Wednesday night stoked worries about global economic growth.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,584.94.
The projected lower bound is: 6,906.58.
The projected closing price is: 7,245.76.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 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 19.0740. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 44.21. 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 15 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 -63. This is not a topping or bottoming area. The last signal was a sell 4 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 0 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 122.639 at 7,259.032. Volume was 16% above average (neutral) and Bollinger Bands were 16% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,336.75 7,631.96 7,515.16
Volatility: 29 29 24
Volume: 615,161,856 623,114,624 545,875,200
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 3.4% below its 200-period moving average and is in an downward 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 .IXIC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .IXIC and have had this outlook for the last 30 periods.
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