NASDAQ Composite (.IXIC) President Donald Trump and Chinese President Xi Jinping are scheduled to meet later this week
Stocks closed slightly higher in a choppy session as the Dow Jones Industrial Average and S&P 500 outperformed the Nasdaq Composite Index.
The Dow tumbled early in the session but managed to climb back and close higher along with the S&P 500. The Nasdaq ended little changed.
Early trading was marred by anxiety over the trade dispute between China and the US. President Donald Trump and Chinese President Xi Jinping are scheduled to meet later this week at the Group of 20 meeting in Argentina.
Traders were soothed in part by dovish comments from Federal Reserve officials on interest rates. Also helping the market was positive retail spending news on Cyber Monday. Sales on Monday surged 19% compared with last year, according to Adobe Analytics.
While the markets ended higher, one of the biggest gaining sectors of the day were defensive sectors. Consumer staples and utilities were among the leaders on the upside. Also rallying were health care stocks.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 7,490.76.
The projected upper bound is: 7,422.08.
The projected lower bound is: 6,710.79.
The projected closing price is: 7,066.44.
A white body occurred (because prices closed higher 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 22 white candles and 28 black candles for a net of 6 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 54.9767. This is not an overbought or oversold reading. The last signal was a buy 2 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 42.72. 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 22 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 -52. This is not a topping or bottoming area. The last signal was a buy 1 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 7 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 0.847 at 7,082.700. Volume was 8% below average (neutral) and Bollinger Bands were 45% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,085.73 7,503.72 7,516.42
Volatility: 28 31 23
Volume: 565,487,360 627,036,800 540,812,928
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 5.8% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 37 periods.
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