NASDAQ Composite (.IXIC) reaches historical high
Tuesday’s session closes with the NASDAQ Composite Index reaching a historical high. The index closed at 8,120.82 up 105.55 for the day. The index had a previous high 8109.68735 on 08/29/2018. The total shares traded for the NASDAQ was over 2.15 billion.
Advancers stocks led declining by 2.78 to 1 ratio. There were 2311 advancers and 831 decliners for the day. On the NASDAQ Stock Exchange 72 stocks reached a 52 week high and 23 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up 1.26% for the day; a total of 97.22 points. The current value is 7,810.71. Walgreens Boots Alliance, Inc. ( WBA ) had the largest percent change down (-1.63%) while Hasbro, Inc. ( HAS ) had the largest percent change gain rising 14.23%.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 7,680.46.
The projected upper bound is: 8,300.50.
The projected lower bound is: 7,974.05.
The projected closing price is: 8,137.27.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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 28 white candles and 22 black candles for a net of 6 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 8 rising windows in the last 50 candles–this makes the current rising window even more 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 76.0528. This is not an overbought or oversold reading. The last signal was a sell 3 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 76.03. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. 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 214.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 0 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 105.556 at 8,120.822. Volume was 13% below average (neutral) and Bollinger Bands were 21% 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: 7,991.15 7,693.64 7,516.12
Volatility: 10 14 25
Volume: 496,191,776 571,003,776 573,343,808
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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
NASDAQ COMPOSITE is currently 8.0% above its 200-period moving average and is in an upward 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 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 71 periods. Our momentum oscillator is currently indicating that .IXIC is currently in an overbought condition.
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