NASDAQ Composite (.IXIC) Nvidia sinks Nasdaq

NASDAQ Composite (.IXIC) Nvidia sinks Nasdaq

NASDAQ Composite (.IXIC) Nvidia sinks Nasdaq

The S&P 500 and Dow Industrials rose on Friday after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods, but falling shares of Nvidia Corp dragged down the Nasdaq.

All three indexes had been lower in early trade as an underwhelming outlook from Nvidia weighed on the tech sector.

U.S. stocks moved higher after Trump said China seemed willing to make a deal on trade.

Nvidia’s shares tumbled 18.8 percent after the chipmaker pointed to the decline in cryptocurrency mining as the cause of its declining sales. The chipmaker’s shares also weighed on the Philadelphia SE Semiconductor index, which declined 1.2 percent.

For the week, however, all three indexes posted losses. The S&P 500 fell 1.61 percent, the Dow lost 2.22 percent, and the Nasdaq shed 2.15 percent.

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 7,573.95.

The projected lower bound is: 6,895.61.

The projected closing price is: 7,234.78.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 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 34.0698. This is not an overbought or oversold reading. The last signal was a buy 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 43.83. 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 16 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 -57. This is not a topping or bottoming area. The last signal was a sell 5 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 sell 1 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -11.159 at 7,247.873. Volume was 25% above average (neutral) and Bollinger Bands were 13% wider than normal.

Open High Low Close Volume___
7,193.6047,274.8617,171.7017,247.873 697,931,904

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,325.84 7,618.87 7,515.20
Volatility: 28 29 23
Volume: 613,628,864 627,112,448 546,272,704

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.

Summary

NASDAQ COMPOSITE is currently 3.6% 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 31 periods.

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