NASDAQ Composite (.IXIC) market pulled back following gains last week

NASDAQ Composite (.IXIC) market pulled back following gains last week

NASDAQ Composite (.IXIC) market pulled back following gains last week

The S&P 500 and Nasdaq were down slightly in Monday afternoon trading, led by losses in technology shares, as the market pulled back following gains last week.

Microsoft Corp (MSFT.O) was the biggest drag on the S&P 500 .SPX and Nasdaq .IXIC. Technology stocks .SPLRCT fell more than 1% and were the biggest drag on the benchmark index.

Amgen fell 2.85% after analysts raised questions about data on the company’s lung cancer drug, dragging the healthcare sector .SPXHC down 0.84%.

Financial stocks .SPSY rose 1.62%, with banks .SPXBK gaining 3.28% and U.S. Treasury yields gained on rising bets of an interest rate cut in the U.S. Federal Reserve’s September meeting.

Earlier on Monday, U.S. Treasury Secretary Steven Mnuchin said he did not see the threat of a recession as the Trump administration seeks to revive trade negotiations with China, adding he expected a positive year ahead for the U.S. economy.

Energy stocks .SPNY gained along with oil prices.

Among other stocks, AT&T Inc (T.N) gained 2.66% after shareholder Elliott Management Corp disclosed a $3.2 billion stake in the company and pushed for changes.

Boeing Co (BA.N) fell 1.02% after it suspended load testing of its new widebody 777X aircraft over the weekend as media reports said a cargo door failed in a ground stress test.

Advancing issues outnumbered declining ones on the NYSE by a 1.37-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.

The S&P 500 posted 35 new 52-week highs and three new lows; the Nasdaq Composite recorded 53 new highs and 53 new lows.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,378.03.

The projected lower bound is: 7,801.63.

The projected closing price is: 8,089.83.

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 24 white candles and 26 black candles for a net of 2 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 88.8645. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 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 55.12. 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 67 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 111.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 21 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 6 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -15.637 at 8,087.437. Volume was 3% above average (neutral) and Bollinger Bands were 21% narrower than normal.

Open     High      Low     Close     Volume___
8,130.9108,131.6558,052.3458,087.437 573,750,912
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 7,963.22 8,054.57 7,625.71
Volatility: 17 23 24
Volume: 491,876,544 550,304,064 574,014,400

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 6.1% 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 1 periods.

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