NASDAQ Composite (.IXIC) start weekly trading little changed

NASDAQ Composite (.IXIC) start weekly trading little changed

NASDAQ Composite (.IXIC) start weekly trading little changed

U.S. equity index futures werelittle changed at the start of weekly trading on Sunday, leavingit unclear whether Wall Street would rebound from last week’ssteep sell-off or extend the slide.

S&P 500 e-mini futures ESv1 were 0.09 percent lower by6:11 p.m. after the open of weekly trading. Nasdaq 100 Indexe-mini futures NQc1 were higher by 0.05 percent.

During Friday’s session, the benchmark S&P 500 fell morethan 10 percent from its Sept. 20 record closing high, but paredlosses to end above that level. A finish of 10 percent or morebelow its all-time closing high would confirm a correction.

The Nasdaq registered its biggest weekly drop since March 23after confirming a correction earlier in the week.

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 7,703.03.

The projected upper bound is: 7,450.04.

The projected lower bound is: 6,858.81.

The projected closing price is: 7,154.43.

Candlesticks

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 22 white candles and 28 black candles for a net of 6 black 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 23.1323. This is not an overbought or oversold reading. The last signal was a buy 1 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 33.85. 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 buy 1 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 -158.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -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 sell 17 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -151.124 at 7,167.212. Volume was 32% above average (neutral) and Bollinger Bands were 138% wider than normal.

Open High Low Close Volume___
7,125.1827,283.3247,056.9997,167.212 719,210,496

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,415.32 7,817.07 7,519.98
Volatility: 41 25 22
Volume: 622,766,592 574,915,328 536,657,280

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 4.7% below its 200-period moving average and is in an downward 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 moderate flows of volume out of .IXIC (mildly bearish). Our trend forecasting oscillators are currently bearish on .IXIC and have had this outlook for the last 16 periods.

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