NASDAQ Composite (.IXIC) – Futures jump on hopes of slowdown in coronavirus cases
U.S. stock index futures jumped about 4% on Monday after President Donald Trump expressed hope that the coronavirus health crisis in the United States was “leveling-off” in some of the country’s hardest-hit areas.
Wall Street’s main indexes fell more than 1.5% on Friday as a record 113-month expansion in U.S. employment came to an abrupt end, underlining the extent of the pandemic’s economic devastation.
New York, the country’s biggest hot spot, reported for the first time in a week that virus-related deaths in the state had fallen from the day before, while the number of deaths in France and Italy also slowed.
Shares of most major U.S. airlines, among the most battered this year due to the sudden drop in travel, jumped early on Monday, but Delta Airlines fell over 5% in premarket trading, as Citigroup cut its price target on the stock.
At 05:29 a.m. ET, Dow e-minis were up 811 points, or 3.87%, S&P 500 e-minis were up 97.25 points, or 3.92% and Nasdaq 100 e-minis were up 310.75 points, or 4.13.
SPDR S&P 500 ETFs were up 4.05%.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 8,259.28.
The projected lower bound is: 6,405.71.
The projected closing price is: 7,332.50.
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 27 white candles and 23 black candles for a net of 4 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 18.8068. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 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 43.53. 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 15 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 14. This is not a topping or bottoming area. The last signal was a sell 2 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 7 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed down -114.228 at 7,373.083. Volume was 10% above average (neutral) and Bollinger Bands were 46% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,465.80 8,552.33 8,393.84
Volatility: 72 76 41
Volume: 1,011,902,208 896,533,824 642,739,712
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 12.2% below its 200-period moving average and is in an downward 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 bearish on .IXIC and have had this outlook for the last 28 periods.