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NASDAQ Composite (.IXIC) 17% rise in Nasdaq profits

NASDAQ Composite (.IXIC) 17% rise in Nasdaq profits

Wednesday’s session closes with the NASDAQ Composite Index reaching a historical high. The index closed at 7,932.24 up 91.47 for the day. The index had a previous high 7855.11793 on 07/17/2018. The total shares traded for the NASDAQ was over 2.08 billion.

Advancers stocks led declining by 1.29 to 1 ratio. There were 1690 advancers and 1308 decliners for the day. On the NASDAQ Stock Exchange 53 stocks reached a 52 week high and 40 those reaching lows totaled.

The Nasdaq Composite (IXIC – 7,932.24) hit a record intraday high of 7,933.31 in the final minutes of trading, before settling with a slimmer 91.5-point, or 1.2%, gain.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 7,612.50.

The projected upper bound is: 8,106.01.

The projected lower bound is: 7,779.30.

The projected closing price is: 7,942.66.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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 29 white candles and 21 black candles for a net of 8 white candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with NASDAQ COMPOSITE), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

A piercing line occurred (which indicates that prices moved down on the previous bar, opened even lower, but then closed significantly higher). This implies strength as the momentum appears to be shifting from the bears to the bulls. Note that the higher the close of the white candle (relative to the black candle), the more bullish the Piercing Line pattern.

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 73.1868. 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 68.47. 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 23 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 138.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 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 buy 12 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 91.471 at 7,932.239. Volume was 9% below average (neutral) and Bollinger Bands were 13% wider than normal.

Open High Low Close Volume___
7,839.0947,933.3067,838.7567,932.239 465,418,496

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

Moving Averages: 10-period 50-period 200-period
Close: 7,842.55 7,627.91 7,191.43
Volatility: 11 14 19
Volume: 437,053,536 517,049,856 510,881,792

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 10.3% 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 10 periods.