NASDAQ Composite (.IXIC) Expecting Gains
The NASDAQ is the only major index going into Friday’s session with gains for the week. It is up nearly 0.7% through Thursday after today’s advance of 0.65% to 8041.97. While its counterparts were making new records as recently as last week, the NASDAQ was unable to keep pace as tech came under pressure. However, all the FANGs were on positive ground today.
What is likely to be the big story tomorrow didn’t come out until late on Thursday…and no it’s not about trade or anything in Washington. It’s Elon Musk, of course! The SEC has sued the Tesla founder for fraud stemming from that now legendary tweet from early August boasting of “funding secured” for taking the company private at $420. The SEC says the tweet was “false and misleading”. Mr. Musk quickly responded by calling the SEC’s decision an “unjustified action”. As of this writing, shares of Tesla are down approximately 12% after hours.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 8,204.89.
The projected lower bound is: 7,886.55.
The projected closing price is: 8,045.72.
A white body occurred (because prices closed higher 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 28 white candles and 22 black candles for a net of 6 white candles.
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 65.9620. This is not an overbought or oversold reading. The last signal was a buy 12 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 57.82. 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 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 118.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 17 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 buy 0 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 51.602 at 8,041.968. Volume was 7% below average (neutral) and Bollinger Bands were 40% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,986.02 7,906.19 7,457.11
Volatility: 13 13 19
Volume: 635,131,520 511,867,136 521,873,568
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 7.8% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 bullish on .IXIC and have had this outlook for the last 0 periods.