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Monday, December 6, 2021

NASDAQ Composite (.IXIC) trims gains after Kudlow’s trade comments

NASDAQ Composite (.IXIC) trims gains after Kudlow’s trade comments

U.S. stocks pared early gains on Thursday, with the S&P 500 hitting a session low, after hopes ofa trade deal were dented by White House economic adviser Larry Kudlow’s comment that Washington may move ahead with more tariffs on Chinese goods.

There were no preconditions set ahead of any trade talks with China, Kudlow said, ahead of President Donald Trump’s meeting with his Chinese counterpart, Xi Jinping, this weekend.

Markets rose earlier in the session after South China Morning Post reported that the two sides were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.

“I think expectations for a deal are still fairly low. All markets want to see now is the trade deal is not worsening,”said Rick Meckler, partner, Cherry Lane Investments in New Vernon, New Jersey.

“Stock prices are fairly high by most measures and for those looking to invest more, the lack of clarity keeps them from making that commitment.”

A Wall Street Journal report that the Chinese president planned to present Trump with a set of terms Washington should meet before Beijing is ready to settle their trade dispute also tempered optimism.

Financials .SPSY rose 0.62% with big lenders leading the charge, ahead of results of the second part of Federal Reserve’s annual stress test for banks.

Semiconductor companies, which have a sizable revenue exposure to China, traded higher, with the Philadelphia Semiconductor index .SOX up 1.15%. The S&P technology sector .SPLRCT was up 0.10%.

Boeing CoBA.N fell 2.3%, pressuring the blue-chip Dow Jones index .DJI , after Reuters reported that the U.S. Federal Aviation Administration identified a new flaw in the planemaker’s grounded 737 MAX jets.

At 11:37 a.m. ET the Dow Jones Industrial Average .DJI was down 39.14 points, or 0.15%, at 26,497.68 and the S&P 500 .SPX was up 5.97 points, or 0.20%, at 2,919.75.

The Nasdaq Composite .IXIC was up 27.92 points, or 0.35%,at 7,937.89.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,215.11.

The projected lower bound is: 7,719.11.

The projected closing price is: 7,967.11.


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 24 white candles and 26 black candles for a net of 2 black 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 20.3780. 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 57.68. 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 17 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 40. 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 14 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 57.787 at 7,967.758. Volume was 8% below average (neutral) and Bollinger Bands were 58% wider than normal.

Open High Low Close Volume___
7,939.3607,976.5777,935.4727,967.758 523,931,360

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

Moving Averages: 10-period     50-period     200-period
Close: 7,943.41 7,859.27 7,512.31
Volatility: 15 20 26
Volume: 594,133,760 555,260,544 593,967,232

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 6.1% above its 200-period moving average and is in an upward 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 bullish on .IXIC and have had this outlook for the last 8 periods.

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