NASDAQ Composite (.IXIC) extends winning streak to fifth session

NASDAQ Composite (.IXIC) extends winning streak to fifth session

NASDAQ Composite (.IXIC) extends winning streak to fifth session

Monday’s session closes with the NASDAQ Composite Index 47.67 This is the 5th straight day of increase for the index. The total shares traded for the NASDAQ was over 2.24 billion.

Advancers stocks led declining by 1.59 to 1 ratio. There were 1850 advancers and 1160 decliners for the day. On the NASDAQ Stock Exchange 59 stocks reached a 52 week high and 49 those reaching lows totaled.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,050.67.

The projected lower bound is: 7,686.09.

The projected closing price is: 7,868.38.

Candlesticks

A white body occurred (because prices closed higher than they opened).
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.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with NASDAQ COMPOSITE), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

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 86.7878. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 58.52. 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 31 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 48. This is not a topping or bottoming area. The last signal was a buy 2 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 sell 6 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 47.663 at 7,859.678. Volume was 3% below average (neutral) and Bollinger Bands were 43% narrower than normal.

Open High Low Close Volume___
7,809.5397,859.6787,801.8767,859.678 493,687,200

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 7,784.61 7,687.17 7,237.60
Volatility: 18 15 19
Volume: 504,158,944 526,735,936 515,291,456

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 8.6% 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 1 periods.

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