NASDAQ Composite (.IXIC) rises to all-time high as Amazon and Facebook hit records

NASDAQ Composite (.IXIC) rises to all-time high as Amazon and Facebook hit records

NASDAQ Composite (.IXIC) rises to all-time high as Amazon and Facebook hit records

  • The tech-heavy Nasdaq rose 1.4 percent as Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also hit intraday records.
  • The Dow and S&P 500 also rallied 224 points and 0.9 percent, respectively.
  • Equities rebounded from a steep sell-off on Wednesday sparked by a potential escalation in a trade war between the U.S. and China.

The major stock indexes rebounded Thursday as a rally in some of Wall Street’s largest technology names carried the Nasdaq Composite to an all-time high at the start of the corporate earnings season.

The tech-heavy Nasdaq rose 1.4 percent to 7,823.92 as Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also hit intraday records. The Nasdaq also posted its biggest one-day gain since June 1, when it rose 1.5 percent. Netflix did not participate in the broad tech rally, however, falling more than 1 percent.

The Dow Jones Industrial Average rose 224.44 points to close at 24,924.89 with Cisco Systems and Intel as the best-performing stocks in the index. The S&P 500 gained 0.9 percent to 2,798.29 with tech advancing 1.8 percent.

Equities rebounded from a steep sell-off on Wednesday sparked by a potential escalation in a trade war between the U.S. and China. The U.S. unveiled on Tuesday a list targeting $200 billion worth of Chinese goods for a 10 percent import tariff. Stocks fell sharply on the news, with the Dow snapping a four-day winning streak.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,007.50.

The projected lower bound is: 7,668.06.

The projected closing price is: 7,837.78.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white 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 89.6544. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 63.96. 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 14 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 125.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 8 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 buy 3 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 107.305 at 7,823.916. Volume was 14% below average (neutral) and Bollinger Bands were 13% narrower than normal.

Open High Low Close Volume___
7,752.7097,825.6687,746.7637,823.916 453,326,944

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 7,641.51 7,525.67 7,131.13
Volatility: 14 14 19
Volume: 454,256,832 528,231,232 511,223,744

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 9.7% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 1 periods.

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