NASDAQ Composite (.IXIC) closes at 7,922.73 down -72.44 points

NASDAQ Composite (.IXIC) closes at 7,922.73 down -72.44 points

NASDAQ Composite (.IXIC) closes at 7,922.73 down -72.44 points

Thursday’s session closes with the NASDAQ Composite Index at 7,922.73. The total shares traded for the NASDAQ was over 2.3 billion. Declining stocks led advancers by 1.87 to 1 ratio. There were 1070 advancers and 1996 decliners for the day. On the NASDAQ Stock Exchange 48 stocks reached a 52 week high and 48 those reaching lows totaled.

The NASDAQ 100 index closed down -.93% for the day; a total of -70.09 points. The current value is 7,453.17. Micron Technology, Inc. ( MU ) had the largest percent change down (-9.87%) while Ctrip.com International, Ltd. ( CTRP ) had the largest percent change gain rising 5.44%.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 7,805.25.

The projected upper bound is: 8,103.22.

The projected lower bound is: 7,756.68.

The projected closing price is: 7,929.95.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

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 27.9672. This is not an overbought or oversold reading. The last signal was a sell 2 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 50.38. 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 sell 2 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 -21. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 8 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -72.447 at 7,922.726. Volume was 7% above average (neutral) and Bollinger Bands were 5% wider than normal.

Open High Low Close Volume___
7,998.2708,001.9717,885.4947,922.726 539,133,696

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

Moving Averages: 10-period 50-period 200-period
Close: 8,018.91 7,817.67 7,371.92
Volatility: 13 14 19
Volume: 485,201,280 469,483,360 513,582,528

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 7.5% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of .IXIC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .IXIC and have had this outlook for the last 7 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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