NASDAQ Composite (.IXIC) stocks struggled for direction

NASDAQ Composite (.IXIC) stocks struggled for direction

NASDAQ Composite (.IXIC) stocks struggled for direction

Stocks closed narrowly mixed as investors appeared to pause after Monday’s sharp gains.

A day after all the major indexes closed more than 1% higher, stocks on Tuesday struggled for direction and ended close to their starting points for the day. The S&P 500 was little changed while the Nasdaq Composite Index climbed 0.3%.

The Dow Jones Industrial Average was the lone loser among the major indexes, closing 0.3% lower, weighed down by losses in shares of Walgreens Boots Alliance ( WBA ). Walgreens plunged 13% after it report ed quarterly results that fell below expectations. The pharmacy and retailer also cut its adjusted earnings per share guidance for fiscal 2019.

Economic news Tuesday was relatively light. Durable goods orders excluding transportation rose 0.1% compared with the consensus view of no change, according to Econoday.

Looking ahead, on Friday morning investors will get another barometer on the state of the country’s economic condition when the monthly employment report is released.

US MARKETS

Dow Jones Industrial Average was down 79.29 points (-0.30%)

S&P 500 was up less than a point (+0.00%)

Nasdaq Composite Index was up 19.78 points (+0.25%)

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 8,061.47.

The projected lower bound is: 7,663.57.

The projected closing price is: 7,862.52.

Candlesticks

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 30 white candles and 20 black candles for a net of 10 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 97.4133. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 66.45. 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 7 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 169.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 19.779 at 7,848.689. Volume was 15% below average (neutral) and Bollinger Bands were 30% narrower than normal.

Open High Low Close Volume___
7,824.6097,854.9167,811.2827,848.689 516,208,768

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

Moving Averages: 10-period 50-period 200-period
Close: 7,725.91 7,478.58 7,491.24
Volatility: 20 17 25
Volume: 561,373,376 590,746,304 582,903,424

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 4.8% 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 57 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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