NASDAQ Composite (.IXIC) suffered triple-digit losses in the previous session
Stocks closed mostly lower after a volatile session Tuesday as oil prices cratered, dragging the energy sector sharply lower, and a resolution of the U.S.-China trade war remained elusive.
Major indexes had bounced back in the morning as large-capitalization technology names appeared to have regained their footing after the Dow and the Nasdaq suffered triple-digit losses in the previous session but the market failed to take advantage of the early momentum.
How did the benchmarks fare?
The Dow Jones Industrial Average DJIA, -0.40% slid 100.69 points, or 0.4%, to 25,286.49; the S&P 500 SPX, -0.15% fell 4.04 points, or 0.2%, to 2,722.18; while the Nasdaq Composite Index COMP, +0.00% edged up 0.1 point to 7,200.87.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,519.11.
The projected lower bound is: 6,847.02.
The projected closing price is: 7,183.07.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 16.2144. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 40.76. 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 13 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 -50. 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 8 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 0.006 at 7,200.875. Volume was 8% above average (neutral) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,371.21 7,662.41 7,517.17
Volatility: 31 29 23
Volume: 632,081,216 620,535,680 545,243,968
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 4.2% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .IXIC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .IXIC and have had this outlook for the last 28 periods.