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NASDAQ Composite (.IXIC) hobbling along with some retail, networking and telecom stocks

NASDAQ Composite (.IXIC) hobbling along with some retail, networking and telecom stocks

The S&P 500 ended a volatile session with a 0.3% gain Thursday, as indexes closed well off session lows but the market outlook remained uncertain. Meanwhile, a popular retail sector ETF hit a six-year low.

The S&P 500 index was down as much as 0.5% and up as much as 0.6% before settling in the upper part of its daily price range.

The Nasdaq composite — hobbling along with some retail, networking and telecom stocks — fell 0.1% after losing a small gain late in the day.

The Dow Jones Industrial Average, which had its worst day of 2019 yesterday, climbed 0.4% despite the drag from Cisco Systems‘ (CSCO) 8.6% plunge on disappointing guidance.

The price of U.S. crude oil was quoted at $55.33 a barrel late Thursday, down 1%. Treasury yields continued their downward march. The 10-year note fell 5 basis points to 1.53%. The inflation-adjusted yield on the 30-year fell to the lowest closing since April 2013, according to Tradeweb. That’s hurting some financial stocks.

Retail stocks remained a laggard, despite a strong report on the nation’s retailers. U.S. retail sales rose 0.7% in July, much better than expected. Sales excluding autos and gasoline climbed 0.9%.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 8,028.56.

The projected lower bound is: 7,512.32.

The projected closing price is: 7,770.44.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 36.9935. This is not an overbought or oversold reading. The last signal was a buy 6 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 39.78. 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 51 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 -94. This is not a topping or bottoming area. The last signal was a buy 5 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 sell 20 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -7.322 at 7,766.617. Volume was 3% below average (neutral) and Bollinger Bands were 48% wider than normal.

Open     High      Low     Close     Volume___
7,790.2027,805.9317,716.5537,766.617 539,467,008
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 7,884.48 8,031.05 7,572.48
Volatility: 36 21 25
Volume: 600,879,104 572,313,344 585,975,040

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 2.6% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 10 periods.

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