NASDAQ Composite (.IXIC) stocks ascended to new heights

NASDAQ Composite (.IXIC) stocks ascended to new heights

NASDAQ Composite (.IXIC) stocks ascended to new heights

President Donald Trump faced the possibility of being impeached after two former advisors were found guilty of criminal acts. US housing data rose but it was still below forecast. British net borrowing by government sectors declined.

US existing home sales rose 5.34 million in July, lower than forecast and the previous month. New home sale grew 627 million in July, the lowest in five months and below forecast.

US order for durable goods slid 1.7 per cent in July, worse than expectations. Excluding transport equipment, core order rose 0.2 per cent, missing forecast. On Friday, S&P 500 and Nasdaq Index closed at a record high as technology stocks such as Netflix spiked upwards.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 7,676.73.

The projected upper bound is: 8,128.16.

The projected lower bound is: 7,771.19.

The projected closing price is: 7,949.67.

Candlesticks

A white body occurred (because prices closed higher 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 29 white candles and 21 black candles for a net of 8 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 87.4750. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 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 62.36. 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 45 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 152.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 16 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 0 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 67.517 at 7,945.975. Volume was 13% below average (neutral) and Bollinger Bands were 27% narrower than normal.

Open High Low Close Volume___
7,907.8127,949.7067,907.1057,945.975 437,245,216

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

Moving Averages: 10-period 50-period 200-period
Close: 7,848.13 7,760.38 7,320.43
Volatility: 11 15 19
Volume: 445,880,928 512,511,520 512,875,744

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 8.5% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into .IXIC (mildly bullish). Our trend forecasting oscillators are currently bearish on .IXIC and have had this outlook for the last 1 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH