NASDAQ Composite (.IXIC) Stock futures lower after latest interest rate hike
U.S. stocks remained under pressure Thursday after the U.S. Federal Reserve moved, as expected, increasing interest rates by 25 basis points.
Dow Jones futures were lower by 0.21%. The S&P 500 was down 0.23% and the Nasdaq Composite was off 0.32%.
While the hike was anticipated, the Fed is now looking for a total of four rate hikes in 2018 instead of three. Including Wednesday’s hike, the Fed has increased short-term rates two times in 2018.
The Dow Jones Industrial Average fell 119.53 points to 25,201.20. The S&P 500 dropped 11.22 points to 2,775.63. The Nasdaq Composite lost 8.09 points to 7,695.70.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 7,393.23.
The projected upper bound is: 7,895.65.
The projected lower bound is: 7,525.93.
The projected closing price is: 7,710.79.
A black body occurred (because prices closed lower 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 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 74.2137. This is not an overbought or oversold reading. The last signal was a sell 2 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 70.22. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 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 96. This is not a topping or bottoming area. 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 buy 8 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed down -8.095 at 7,695.699. Volume was 5% above average (neutral) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,627.00 7,304.97 7,006.33
Volatility: 11 16 18
Volume: 521,185,248 482,515,488 498,497,056
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 9.8% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .IXIC (mildly bullish). Our trend forecasting oscillators are currently bullish on .IXIC and have had this outlook for the last 27 periods. Our momentum oscillator is currently indicating that .IXIC is currently in an overbought condition.
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