NASDAQ Composite (.IXIC) economic outlook, corporate forecasts sour

NASDAQ Composite (.IXIC) economic outlook, corporate forecasts sour

NASDAQ Composite (.IXIC) economic outlook, corporate forecasts sour

U.S. stocks ended lower on Tuesday, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment.

All three major U.S. stock indexes pared losses after White House economic advisor Larry Kudlow denied a report by the Financial Times that the Trump administration cancelled preparatory trade talks with China.

Still, the S&P 500, the Nasdaq and the Dow all posted their biggest one-day percentage drops since Jan. 3.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 7,405.45.

The projected lower bound is: 6,621.04.

The projected closing price is: 7,013.24.

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 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 25 white candles and 25 black 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 71.5128. This is not an overbought or oversold reading. The last signal was a sell 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 54.43. 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 17 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 66. This is not a topping or bottoming area. The last signal was a sell 0 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 13 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -136.872 at 7,020.356. Volume was 0% below average (neutral) and Bollinger Bands were 44% wider than normal.

Open High Low Close Volume___
7,109.5727,110.1616,979.8107,020.356 627,079,936

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,003.81 6,973.27 7,451.15
Volatility: 19 36 25
Volume: 548,494,144 624,489,152 556,453,440

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 5.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .IXIC (mildly bullish). Our trend forecasting oscillators are currently bullish on .IXIC and have had this outlook for the last 8 periods.

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