NASDAQ Composite (.IXIC) Historical high reached

NASDAQ Composite (.IXIC) Historical high reached

NASDAQ Composite (.IXIC) Historical high reached

Wednesday’s session closes with the NASDAQ Composite Index reaching a historical high. The index closed at 8,109.69 up 79.65 for the day. The index had a previous high 8030.03834 on 08/28/2018. The total shares traded for the NASDAQ was over 1.89 billion.

Advancers stocks led declining by 1.53 to 1 ratio. There were 1823 advancers and 1195 decliners for the day. On the NASDAQ Stock Exchange 114 stocks reached a 52 week high and 15 those reaching lows totaled.

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 7,740.33.

The projected upper bound is: 8,300.20.

The projected lower bound is: 7,934.54.

The projected closing price is: 8,117.37.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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 28 white candles and 22 black candles for a net of 6 white candles.

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 95.7559. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 13 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 72.03. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 48 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 184.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 19 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 buy 3 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 79.649 at 8,109.687. Volume was 15% below average (neutral) and Bollinger Bands were 20% narrower than normal.

Open High Low Close Volume___
8,044.3418,113.5568,042.1028,109.687 428,414,784

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

Moving Averages: 10-period 50-period 200-period
Close: 7,917.42 7,779.15 7,339.77
Volatility: 7 15 19
Volume: 443,146,592 494,018,272 512,381,792

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 10.5% 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 2 periods. Our momentum oscillator is currently indicating that .IXIC is currently in an overbought condition.

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