NASDAQ Composite (.IXIC) has first quarterly decline of 2019
US stocks, which rallied at the start of 2019, ended the third quarter on a much quieter note.
Stocks finished the last trading day of the quarter higher on Monday, but have been on a downward trend of late. The major indexes just recorded two down weeks in a row, and the Nasdaq Composite (COMP) ended the quarter in the red.
Chinese officials are expected in Washington in early October for the next round of trade talks, but investors are wary. Last week, markets were thrown for a loop after news reports that the White House was discussing whether to limit flows from Chinese investors into the United States.
Economic data wasn’t helpful either. In August, US manufacturing fell hard, recording the sector’s first decline in three years. Meanwhile, trade worries began to crop up in consumer sentiment surveys, which could be a red flag for the consumer spending that’s so important for US economic growth.
The Nasdaq, which is heavy on technology stocks particularly sensitive to the global slowdown exacerbated by the trade war, slipped 0.1% between July and September, compared with a 3.6% increase in the second quarters and a 16.5% rally in the first three months of the year.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 8,008.32.
The projected upper bound is: 8,289.99.
The projected lower bound is: 7,702.80.
The projected closing price is: 7,996.40.
A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black 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 31.5159. This is not an overbought or oversold reading. 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 46.64. 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 82 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 -117.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 11 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 sell 4 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 59.711 at 7,999.338. Volume was 9% below average (neutral) and Bollinger Bands were 35% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 8,081.71 8,037.65 7,699.75
Volatility: 15 24 23
Volume: 615,102,528 556,915,008 574,047,424
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 3.9% above its 200-period moving average and is in an upward trend. Volatility is low 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 16 periods.
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