NASDAQ Composite (.IXIC) China planning to increase access for foreign firms

NASDAQ Composite (.IXIC) China planning to increase access for foreign firms

NASDAQ Composite (.IXIC) China planning to increase access for foreign firms

U.S. stocks rose 1 percent on Wednesday, boosted by technology stocks, as a report about China planning to increase access for foreign firms added to optimism fueled by President Donald Trump’s upbeat comments on trade.

Beijing is working to replace its Made in China 2025 policy with one that plays down its bid to dominate manufacturing.

In the interview with Reuters, Trump also said he would intervene in the Justice Department’s case against a top executive at China’sHuawei Technologies if it would help secure a trade deal.

The gains come a day after another volatile session ended with Wall Street finishing slightly lower following Trump’s threat to shut down the U.S. government and political uncertainty in Britain.

“There maybe some near-term optimism because of the trade headlines but we’ll see where it goes,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“We have seen a lot of intraday movement lately and we might see the same today and that’s a sign the market is looking at what the appropriate level should be.”

Trade-sensitive Caterpillar Inc jumped 2.49 percent and Boeing Co advanced 1.48 percent, while the Philadelphia SE semiconductor index rose 1.44 percent.

The technology sector, among the most beaten-down S&P sectors quarter-to-date, rose 1.30 percent, providing the biggest boost to the market.

Overall, the bias in prices is: Downwards

The projected upper bound is: 7,477.36.

The projected lower bound is: 6,681.71.

The projected closing price is: 7,079.53.

Candlesticks

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 21 white candles and 29 black candles for a net of 8 black candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 34.8033. This is not an overbought or oversold reading. The last signal was a buy 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 45.76. 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 32 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 -1. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 66.481 at 7,098.312. Volume was 3% above average (neutral) and Bollinger Bands were 5% wider than normal.

Open High Low Close Volume___
7,127.0007,197.2937,096.5647,098.312 600,531,136

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,180.33 7,339.03 7,513.41
Volatility: 37 35 24
Volume: 642,914,688 626,718,080 548,623,232

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 COMPOSITE is currently 5.5% 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 1 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH