NASDAQ Composite (.IXIC) shares advance after meager gains on Wall Street

NASDAQ Composite (.IXIC) shares advance after meager gains on Wall Street

NASDAQ Composite (.IXIC) shares advance after meager gains on Wall Street

Shares swung higher in Asia on Friday after a wobbly day of trading on Wall Street as investors awaited a U.S. government jobs report and kept an eye out for developments in China-U.S. trade talks.

Hong Kong’s Hang Seng rose 0.7% to 26,401.47, while the Nikkei 225 in Japan picked up 0.2% to 23,352.81. South Korea’s Kospi jumped 0.9% to 2,078.77, while the Shanghai Composite index was flat, at 2,899.97. Australia’s S&P ASX 200 gained 0.2% to 6,697.40. Shares also rose in Taiwan and Southeast Asia.

Investors are hoping that the world’s two biggest economies will reach a trade deal before new U.S. tariffs go into effect Dec. 15 on some popular products made in China, including smartphones.

“Whether or not U.S.-China can cut a deal remains the obsession; arguably the only game in town heading into ahead of the 15-Dec deadline for the next round of tariffs fall due,” Mizuho Bank said in a commentary.

Chinese officials said Thursday that hinges on whether the U.S. will agree to roll back some of the tariffs imposed by President Donald Trump after he began his effort to win trade concessions from Beijing in mid-2018.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 8,763.86.

The projected lower bound is: 8,397.28.

The projected closing price is: 8,580.57.

Candlesticks

A black body occurred (because prices closed lower 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.

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 43.8149. 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 58.24. 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 3 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 -7. This is not a topping or bottoming area. The last signal was a sell 3 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 sell 3 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 4.029 at 8,570.701. Volume was 0% below average (neutral) and Bollinger Bands were 43% narrower than normal.

Open     High      Low     Close     Volume___
8,587.9348,588.8858,541.9188,570.701 536,688,960
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 8,590.32 8,287.41 8,003.81
Volatility: 13 14 18
Volume: 530,309,984 515,013,920 553,252,992

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 7.1% above its 200-period moving average and is in an upward trend. Volatility is 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 34 periods.

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