NASDAQ Composite (.IXIC) registering its lowest close in three weeks
Tuesday’s session closes with the NASDAQ Composite Index at 7,671.79. The total shares traded for the NASDAQ was over 2.27 billion.
Advancers stocks led declining by 1.81 to 1 ratio. There were 1962 advancers and 1081 decliners for the day. On the NASDAQ Stock Exchange 29 stocks reached a 52 week high and 38 those reaching lows totaled.
Nasdaq gave up 107.41 points, declining 1.4%. In the last three days the index has now declined 3.9%. Technology stocks continued to suffer as shares of Netflix NFLX and Facebook FB declined 5.7% and 2.2%, respectively.
Shares of Amazon AMZN and Alphabet GOOGL fell 2.1% and 1.8%, respectively. Amazon has a Zacks Rank #2 (Buy).
Overall, the bias in prices is: Sideways.
The projected upper bound is: 7,857.01.
The projected lower bound is: 7,499.27.
The projected closing price is: 7,678.14.
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 29 white candles and 21 black candles for a net of 8 white candles.
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 14.7654. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 7 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 45.92. 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 27 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 -200.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 3 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 2 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 41.785 at 7,671.789. Volume was 11% above average (neutral) and Bollinger Bands were 19% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,800.62 7,656.00 7,214.08
Volatility: 15 15 19
Volume: 477,997,280 521,900,416 513,106,848
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 6.3% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 0 periods.