NASDAQ Composite (.IXIC) end higher amid trade optimismBouncing back from the steep losses of the previous day, US stocks closed higher, as the market was supported by easing US-China trade tensions.
The Dow Jones Industrial Average increased 372.54 points, or 1.44 percent, to 26,279.91 on Tuesday. The S&P 500 was up 42.57 points, or 1.48 percent, to 2,926.32. The Nasdaq Composite Index increased 152.95 points, or 1.95 per cent, to 8,016.36.
On the economic front, the US Consumer Price Index increased 0.3 percent in July on a seasonally adjusted basis after rising 0.1 percent in June, the US Bureau of Labor Statistics said Tuesday.
Increases in the indexes for gasoline and shelter were the major factors in the seasonally adjusted all items monthly increase. Over the last 12 months, the all items index increased 1.8 percent before seasonal adjustment.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 8,278.40.
The projected lower bound is: 7,781.65.
The projected closing price is: 8,030.03.
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 71.4216. This is not an overbought or oversold reading. The last signal was a buy 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 48.63. 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 49 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 -27. This is not a topping or bottoming area. The last signal was a buy 3 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 18 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 152.948 at 8,016.359. Volume was 9% above average (neutral) and Bollinger Bands were 34% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,959.08 8,022.29 7,567.20
Volatility: 32 20 25
Volume: 629,442,944 571,915,520 587,104,512
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 5.9% above 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 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 8 periods.