NASDAQ Composite (.IXIC) little guidance as stocks showed a lack of direction
The China stock market has finished higher in two of three trading days since the end of the two-day slide in which it had fallen more than 60 points or 2.4 percent. The Shanghai Composite Index now rests just beneath the 2,595-point plateau and it’s called higher again on Wednesday.
The global forecast for the Asian markets is cautiously optimistic, fueled by a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and little changed – and the Asian markets figure to split the difference.
The SCI finished modestly higher on Tuesday as gains from the property stocks and financials were capped by weakness from the oil companies.
For the day, the index picked up 9.51 points or 0.37 percent to finish at 2,594.09 after trading between 2,583.20 and 2,596.15. The Shenzhen Composite Index collected 11.37 points or 0.85 percent to end at 1,343.90.
Among the actives, Gemdale surged 4.09 percent, while China Vanke soared 3.88 percent, Poly Developments spiked 2.89 percent, China Merchants Bank collected 0.60 percent, China Construction Bank added 0.46 percent, China Life Insurance gained 0.33 percent, Ping An Insurance eased 0.02 percent, PetroChina slid 0.52 percent, China Petroleum and Chemical (Sinopec) skidded 1.18 percent and China Shenhua Energy, Industrial and Commercial Bank of China and Bank of China were unchanged.
The lead from Wall Street offers little guidance as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before finishing mixed.
The Dow shed 53.02 points or 0.22 percent to 24,370.24, while the NASDAQ added 11.31 points or 0.16 percent to 7,031.83 and the S&P 500 fell 0.94 points or 0.04 percent to 2,636.78.
Overall, the bias in prices is: Downwards
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,407.71.
The projected lower bound is: 6,615.37.
The projected closing price is: 7,011.54.
A black body occurred (because prices closed lower than they opened).
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 21 white candles and 29 black candles for a net of 8 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 18.8280. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 42.95. 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 31 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 -36. This is not a topping or bottoming area. The last signal was a sell 4 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 0 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 11.311 at 7,031.831. Volume was 8% below average (neutral) and Bollinger Bands were 6% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,178.77 7,357.81 7,514.57
Volatility: 37 34 24
Volume: 634,902,528 625,576,128 548,272,704
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 6.4% below its 200-period moving average and is in an downward 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 bearish on .IXIC and have had this outlook for the last 0 periods.
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