NASDAQ Composite (.IXIC) little changed after the release of disappointing jobs data

NASDAQ Composite (.IXIC) little changed after the release of disappointing jobs data

NASDAQ Composite (.IXIC) little changed after the release of disappointing jobs data

Stocks closed little changed on Friday after the release of disappointing jobs data, but posted back-to-back weekly gains on optimism around U.S.-China trade relations.

The Dow Jones Industrial Average ended the day up 69.31 points, or 0.3% at 26,797.46. The S&P 500 climbed just 0.1% to close at 2,978.71 while the Nasdaq Composite slipped 0.2% to 8,103.07.

For the week, the Dow and S&P 500 both gained at least 1.5% while the Nasdaq climbed 1.8%. Those gains came amid hopes that the world’s two largest economies could soon make substantial progress in de-escalating their protracted trade dispute.

China’s Ministry of Commerce said Thursday that Liu He, the country’s top trade negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. They agreed to meet in early October for another round of negotiations, according to the Chinese Commerce Ministry. China insiders have also hinted that the upcoming trade talks could lead to a “breakthrough.”

“The fact that the major indices hit new five-week highs in a concerted fashion confirms the end of the August pullback, and barring another twist in the trade war, a larger scale rally is likely underway in the stock market,” said Ken Berman, founder of Gorilla Trades, in a note.

Hope of progress between China and the U.S. offset worries surrounding the economy.

The U.S. economy added 130,000 jobs in August, the Labor Department said Friday. This marked the third straight monthly slowdown in jobs growth. Economists polled by Dow Jones expected jobs to grow by 150,000 last month. Unemployment remained steady at a rate of 3.7% while wages grew more than expected. Wages expanded by 0.4% on a month-over-month basis and by 3.2% year over year.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,395.96.

The projected lower bound is: 7,817.92.

The projected closing price is: 8,106.94.

Candlesticks

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 25 white candles and 25 black 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 89.1015. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 55.90. 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 66 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 142.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 20 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 5 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -13.754 at 8,103.074. Volume was 14% below average (neutral) and Bollinger Bands were 25% narrower than normal.

Open     High      Low     Close     Volume___
8,125.5808,134.3888,098.5188,103.074 478,403,424
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 7,929.65 8,052.17 7,620.42
Volatility: 26 23 25
Volume: 494,343,552 549,307,648 574,284,800

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 6.3% above its 200-period moving average and is in an upward 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 bullish on .IXIC and have had this outlook for the last 0 periods.

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