NASDAQ Composite (.IXIC) finish at records for third straight session as consumer confidence hits 18-year high
Nasdaq on Tuesday finished at records for a third consecutive session after a measure of consumer confidence hit a nearly 18-year high, underscoring a continued expansion of the U.S. economy. However, the market’s gains were muted, with indexes closing off of intraday peaks.
How did the main benchmarks fare?
The Dow Jones Industrial Average DJIA, +0.06% rose 14.38 points to 26,064.02, coming within 2.1% of its record. The S&P 500 index SPX, +0.03% edged up 0.78 points to 2,897.52, and the Nasdaq Composite Index COMP, +0.15% added 12.14 points, or 0.2%, to 8,030.04.
The moves follow a sharp rally Monday, with both the S&P 500 and the Nasdaq closing at records for a second straight session and the Dow exiting its longest stint in correction territory since 1961.
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 7,711.72.
The projected upper bound is: 8,216.28.
The projected lower bound is: 7,855.12.
The projected closing price is: 8,035.70.
Overall, the bias in prices is: Upwards.
A black body occurred (because prices closed lower 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 95.1296. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 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 67.71. 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 47 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 186.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 18 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 2 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 12.143 at 8,030.038. Volume was 10% below average (neutral) and Bollinger Bands were 29% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,883.86 7,771.47 7,332.98
Volatility: 11 15 19
Volume: 453,824,448 496,996,064 512,562,304
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 9.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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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