NASDAQ Composite (.IXIC) investors waiting for U.S. first-quarter earnings reports

NASDAQ Composite (.IXIC) investors waiting for U.S. first-quarter earnings reports

NASDAQ Composite (.IXIC) investors waiting for U.S. first-quarter earnings reports

A gauge of global equity markets slid on Thursday as investors waited for U.S. first-quarter earnings reports while Treasury yields rose after strong U.S. data and a six-month extension of a deadline for Britain to leave the European Union.

The dollar index rose as worries about the world’s largest economy eased after U.S. data showed March producer prices increased by the most in five months and weekly jobless claims 

Profit estimates have dropped steadily in the last six months, with S&P 500 earnings expected to fall 2.5% and mark the first year-on-year decline since 2016, according to Refinitiv data.

“The big elephant out there is earnings. Street estimates are for a year-over-year decline despite higher revenue and that’s driven by a handful of large companies that are heavily weighted, so it could be a bit deceiving,” said Shayne ‘Jack’ Heffernan, CEO and Founder of Heffx.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 8,134.88.

The projected lower bound is: 7,790.41.

The projected closing price is: 7,962.64.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 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 75.9893. This is not an overbought or oversold reading. The last signal was a sell 0 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 67.17. 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 sell 2 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 82. This is not a topping or bottoming area. The last signal was a sell 2 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 7 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -16.885 at 7,947.359. Volume was 23% below average (neutral) and Bollinger Bands were 29% narrower than normal.

Open High Low Close Volume___
7,975.1977,975.1977,933.4127,947.359 464,499,232

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

Moving Averages: 10-period 50-period 200-period
Close: 7,890.77 7,596.97 7,499.05
Volatility: 10 14 25
Volume: 532,718,816 582,403,968 572,809,088

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 6.0% 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 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 64 periods.

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HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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