NASDAQ Composite (.IXIC) Trump talks of ‘beautiful letter’ from China’s Xi

NASDAQ Composite (.IXIC) Trump talks of ‘beautiful letter’ from China’s Xi

NASDAQ Composite (.IXIC) Trump talks of ‘beautiful letter’ from China’s Xi

U.S. stocks pulled well off the day’s lows Thursday but the S&P 500 and the Nasdaq finished lower for a fourth session as trade tensions ramped up after U.S. President Donald Trump threatened tariff retaliation on China, which he claims “broke the deal”.

However, some of the fears were assuaged after Trump disclosed that he’s received a missive from Chinese President Xi Jinping just hours before U.S. and Chinese officials were set to resume trade talks in Washington.

Anxiety over the prospect of a deepening trade dispute between the U.S. and China has weighed on stock markets all week, after Trump voiced frustration over the pace of talks in a Sunday tweet. Those fears were compounded Wednesday evening when the president accused the Chinese of negotiating in bad faith and reneging on commitments made in previous rounds of negotiation.

In response, the White House has threatened to raise tariffs on $200 billion in annual Chinese exports to the U.S. to 25% from the current 10% at 12:01 Eastern Time Friday.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 8,103.63.

The projected lower bound is: 7,731.79.

The projected closing price is: 7,917.71.

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 26 white candles and 24 black candles for a net of 2 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 24.8299. This is not an overbought or oversold reading. The last signal was a sell 7 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 44.94. 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 -188.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -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 sell 6 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -32.732 at 7,910.587. Volume was 9% above average (neutral) and Bollinger Bands were 44% narrower than normal.

Open High Low Close Volume___
7,853.2127,929.7777,796.1617,910.587 620,646,720

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

Moving Averages: 10-period 50-period 200-period
Close: 8,059.50 7,836.68 7,532.33
Volatility: 16 15 25
Volume: 549,061,312 569,711,488 580,206,912

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 5.0% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 0 periods.

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