NASDAQ Composite (.IXIC) futures jump after Trump-Xi trade armistice
U.S. stock index futures jumpedon Sunday, suggesting Wall Street was set rise further after itsbiggest weekly gain last week in nearly seven years as China andthe United States agreed to shelve any new tariffs and resetdiscussions.
S&P 500 e-mini futures ESc1 were up 1.6 percent on highcontract volume after trading resumed for the week at 6 p.m.(2300 GMT). Dow Jones Industrial Average e-mini futures 1YMc1 rose 1.8 percent, while Nasdaq 100 e-mini futures NQc1 jumpednearly 2 percent.
The outcome of the meeting between the two leaders in BuenosAires on the sidelines of the G20 summit over the weekendappeared to set the stage for further gains. The two agreed tode-escalate tensions over trade that have dogged U.S. and globalmarkets off and on throughout the year.
A U.S. pledge not to boost tariffs on $200 billion ofChinese goods could mark the most important deal in yearsbetween the two countries. urn:newsml:reuters.com:*:nL2N1Y702G
For the full week ended Friday, the S&P 500 Index .SPX gained nearly 5 percent and the Nasdaq Composite Index .IXIC, loaded with tech companies that had been buffeted by costsassociated with tariffs imposed by Trump on Chinese imports,gained more than 5.6 percent.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 7,486.74.
The projected upper bound is: 7,682.45.
The projected lower bound is: 6,950.71.
The projected closing price is: 7,316.58.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 95.4481. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 5 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 52.70. 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 25 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 100. This is not a topping or bottoming area. The last signal was a buy 4 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 57.454 at 7,330.536. Volume was 51% above average (neutral) and Bollinger Bands were 40% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,115.62 7,462.94 7,518.82
Volatility: 31 32 23
Volume: 573,412,288 635,026,368 543,085,632
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 2.5% below its 200-period moving average and is in an upward 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 bullish on .IXIC and have had this outlook for the last 1 periods.
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