NASDAQ Composite (.IXIC) Stocks Alphabet, Netflix, Amazon Outperform
Two festering wounds for the stock market showed signs of healing, sending the major indexes to gains of more than 1% Tuesday, including some key Nasdaq stocks.
The Nasdaq composite climbed 1.5%, the S&P 500 1.3% and the Dow Jones Industrial Average 1.5%. Early data showed that volume rose, which solidified Tuesday’s gains.
The Nasdaq owed some of its increase to the outperformance of some large components. Amazon.com (AMZN) jumped 3% and made it back above its 50-day moving average after a brief trip below it. Microsoft (MSFT) added 1.6% and made a strong bid to hold above the 50-day line.
Alphabet (GOOGL) leapt 2.3%. Netflix (NFLX) rose 4.1% after a William Blair analyst raised his forecast for Netflix international subscribers for 2019 by 3 million to 117 million.
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 7,142.75.
The projected upper bound is: 7,770.15.
The projected lower bound is: 7,064.01.
The projected closing price is: 7,417.08.
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 27 white candles and 23 black candles for a net of 4 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 6 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 61.0555. 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 64.24. 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 buy 32 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 99. 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 28 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 106.714 at 7,414.619. Volume was 17% below average (neutral) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,316.27 6,986.92 7,460.60
Volatility: 18 33 25
Volume: 568,072,704 620,031,296 563,937,856
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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
NASDAQ COMPOSITE is currently 0.6% below 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 23 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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