NASDAQ Composite (.IXIC) remains in the green
The lead from Wall Street offers little guidance as stocks opened slightly higher on Tuesday before fading in afternoon trade – although the tech-heavy NASDAQ remained in the green.
The Dow shed 69.84 points or 0.26 percent to finish at 26,492.21, while the NASDAQ added 14.22 points or 0.18 percent to 8,007.47 and the S&) fell 3.81 points or 0.13 percent to 2,915.56.
The uncertainty on Wall Street comes as traders look ahead to the Fed’s monetary policy announcement. The Fed is widely expected to raise interest rates by a 25 basis points, although traders will pay attention to the accompanying statement for clues about the outlook for rates.
Fed Chairman Jerome Powell’s subsequent press conference is also likely to attract attention, with the central bank expected to raise rates by at least once more this year.
In economic news, the Conference Board noted an unexpected improvement in consumer confidence in September as its index hit an 18-year high.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 8,170.32.
The projected lower bound is: 7,852.69.
The projected closing price is: 8,011.51.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 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 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 60.6805. This is not an overbought or oversold reading. The last signal was a buy 10 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 55.21. 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 15 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 72. This is not a topping or bottoming area. The last signal was a sell 15 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 12 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 14.223 at 8,007.471. Volume was 4% above average (neutral) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,979.58 7,899.74 7,445.52
Volatility: 13 13 19
Volume: 640,247,168 508,609,824 521,225,952
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 7.5% above its 200-period moving average and is in an upward 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 bullish on .IXIC and have had this outlook for the last 20 periods.
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