NASDAQ Composite (.IXIC) Extends Streak
The Dow notched a triple-digit gain today, managing even more record highs, as Wall Street mostly looked past impeachment headlines out of Capitol Hill. Meanwhile, the Nasdaq and S&P 500 enjoyed modest upside, grabbing fresh all-time highs along the way, with the former index stretching its daily win streak to seven, its longest since February. The bullish backdrop spread to the commodity space, as well, where oil futures rose to their highest settlement in weeks.
The S&P 500 Index (SPX – 3,205.37) settled 14.2 points, or 0.5%, higher, while the Nasdaq Composite (IXIC – 8,887.22) tacked on 59.4 points, or 0.7%.
Technical Indicators
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 8,469.83.
The projected upper bound is: 9,050.51.
The projected lower bound is: 8,763.27.
The projected closing price is: 8,906.89.
Candlesticks
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 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 94.8081. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 13 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 75.30. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 13 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 131.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 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 4 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 59.482 at 8,887.218. Volume was 18% above average (neutral) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
8,838.9678,888.1268,838.9678,887.218 629,569,216
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 8,735.33 8,450.44 8,063.60
Volatility: 8 11 18
Volume: 574,664,320 530,129,216 551,676,032
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 10.2% 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 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 44 periods. Our momentum oscillator is currently indicating that .IXIC is currently in an overbought condition.
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