NASDAQ Composite (.IXIC) erased all of its gains for the year
The Nasdaq Composite Index on Monday erased all of its gains for the year as stock benchmarks touched fresh lows in a session that briefly saw the technology and internet-stock laden index in positive territory on the day.
The Nasdaq COMP, -2.27% most recently, was down 125 points, or 1.8%, with that decline saddling the index with a 1.7% year-to-date decline, according to FactSet data. The Nasdaq on Friday finished the session barely in positive territory for 2018. All three benchmarks on Monday, including the Dow Jones Industrial Average DJIA, -2.11% and the S&P 500 index SPX, -2.08% were trading lower Monday afternoon.
Overall, the bias in prices is: Downwards
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,133.52.
The projected lower bound is: 6,328.91.
The projected closing price is: 6,731.22.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 23.5655. This is not an overbought or oversold reading. The last signal was a buy 3 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 35.09. 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 35 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 -170.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 4 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed down -156.932 at 6,753.733. Volume was 18% above average (neutral) and Bollinger Bands were 20% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,064.28 7,275.64 7,508.53
Volatility: 34 35 24
Volume: 625,922,880 621,974,336 548,730,048
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 10.1% 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 4 periods.