Tech-heavy NASDAQ Composite (.IXIC) outperforms broader market
- Empire State New York manufacturing survey drops by the most ever
- A reading of U.S. home-builder confidence falls
- Sotheby’s shares jump nearly 60% after report says auction house is set to be taken private
U.S. stocks closed higher Monday on the back of strong gains in social media and entertainment shares such as Facebook Inc. and Netflix Inc., as investors await the Federal Reserve’s policy-setting meeting due to start Tuesday,
How did major indexes fare?
The Dow Jones Industrial Average DJIA, +0.09% rose 22.92 points to 26,112.53, supported by Boeing Co. BA, +2.23% which gained 2.2%. The S&P 500 index SPX, +0.09% climbed 2.69 points to 2,889.67 as social media, entertainment and real estate stocks rallied. The Nasdaq Composite Index COMP, +0.62% added 48.37 points, or 0.6%, to 7,845.02.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 8,082.08.
The projected lower bound is: 7,606.10.
The projected closing price is: 7,844.09.
A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black 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 52.9756. 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 55.86. 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 9 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 81. This is not a topping or bottoming area. The last signal was a sell 1 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 6 period(s) ago.
Rex Takasugi – TD Profile
NASDAQ COMPOSITE closed up 48.365 at 7,845.024. Volume was 10% below average (neutral) and Bollinger Bands were 16% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,737.75 7,856.90 7,514.07
Volatility: 17 20 26
Volume: 518,377,312 533,785,024 589,089,728
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 4.4% above 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 0 periods.