NASDAQ Composite (.IXIC) struggling for direction
Wall Street struggled for direction on Monday, with investors taking a pause as the United States and China began their latest trade negotiations and U.S. lawmakers tried to reach a deal on border funding.
The market started on a strong note over the trade talks after China’s upbeat tone, with sentiment lifted by White House senior counselor Kellyanne Conway expressing confidence of a possible deal.
However, the indexes gave up their early gains after the healthcare sector fell 0.23 percent. The sector was dragged down by a more than 1 percent drop in the shares of UnitedHealth Group and Pfizer Inc and Merck & Co.
The latest U.S.-China talks come in the face of a looming March 1 deadline set for reaching a trade pact. If the two countries fail to reach an agreement by then, additional U.S. tariffs on Chinese imports will come into force.
“Markets are taking a wait-and-see approach today,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
“Everyone would like to see a resolution on both trade and the government shutdown, but right now there aren’t many new signs of progress in either.”
In Washington, the top four Democratic and Republican negotiators on border security funding plan to meet in a bid to reach an elusive deal by a Friday deadline to avert another partial government shutdown.
At 10:55 a.m. ET, the Dow Jones Industrial Average was down 26.67 points, or 0.11 percent, at 25,079.66. The S&P 500 was up 0.89 points, or 0.03 percent, at 2,708.77 and the Nasdaq Composite was up 13.74 points, or 0.19 percent, at 7,311.93.
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 7,132.60.
The projected upper bound is: 7,673.43.
The projected lower bound is: 6,951.39.
The projected closing price is: 7,312.41.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 38.2325. 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 59.91. 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 31 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 60. This is not a topping or bottoming area. The last signal was a sell 2 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 27 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 9.707 at 7,307.905. Volume was 23% below average (neutral) and Bollinger Bands were 28% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,277.63 6,984.46 7,459.12
Volatility: 19 34 25
Volume: 566,458,176 621,746,688 563,796,928
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 2.0% below its 200-period moving average and is in an upward 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 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 22 periods.
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