NASDAQ Composite (.IXIC) mixed reports about the progress of a trade deal left investors unwilling to take on more risk
Global stocks edged lower on Thursday, as investors looked for tangible signs of progress in U.S.-China trade talks while the euro was dented after disappointing economic data out of Germany.
Mixed reports about the progress of a trade deal left investors unwilling to take on more risk after a five-day run of gains that sent stocks to a six-month high.
After a run of mixed economic data, Friday’s U.S. payrolls report also loomed large for investors for signs the labor market remained robust. Labor market data on Thursday showed weekly jobless claims fell to their lowest level since 1969.
“Things are pretty quiet and there has been a real lack of news, and really it’s been a mixed bag as far as what we’ve been seeing from economic data this week,” said Sahak Manuelian, managing director, equities trading at Wedbush Securities in Los Angeles.
The Dow Jones Industrial Average rose 168.82 points, or 0.64%, to 26,386.95, the S&P 500 gained 4.43 points, or 0.15%, to 2,877.83 and the Nasdaq Composite dropped 1.71 points, or 0.02%, to 7,893.84.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 8,097.85.
The projected lower bound is: 7,720.36.
The projected closing price is: 7,909.10.
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 31 white candles and 19 black candles for a net of 12 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 88.6550. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 11 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 68.24. 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 9 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 128.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 9 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 buy 2 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed down -3.769 at 7,891.784. Volume was 14% below average (neutral) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,747.85 7,513.40 7,492.71
Volatility: 19 16 25
Volume: 553,323,456 589,907,072 579,892,480
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 5.3% 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 59 periods.