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NASDAQ Composite (.IXIC) 61 stocks reached a 52 week high

NASDAQ Composite (.IXIC) 61 stocks reached a 52 week high

Thursday’s session closes with the NASDAQ Composite Index at 7,852.18. The total shares traded for the NASDAQ was over 2.27 billion.

Advancers stocks led declining by 1.22 to 1 ratio. There were 1660 advancers and 1362 decliners for the day. On the NASDAQ Stock Exchange 61 stocks reached a 52 week high and 38 those reaching lows totaled.

The Nasdaq Composite dropped 1 percent to finish at 7,852.18, led by a steep decline in shares. The index posted its worst one-day loss since June 27, when it lost 1.5 percent; suffered its worst day in its history as a public company with shares closing down 18.96 percent.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 7,614.11.

The projected upper bound is: 8,027.34.

The projected lower bound is: 7,697.05.

The projected closing price is: 7,862.20.

Candlesticks

A white body occurred (because prices closed higher 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 30 white candles and 20 black candles for a net of 10 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 63.4535. This is not an overbought or oversold reading. The last signal was a sell 4 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 59.68. 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 sell 24 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 74. This is not a topping or bottoming area. The last signal was a sell 0 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 13 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -80.054 at 7,852.185. Volume was 2% above average (neutral) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
7,848.0427,881.3007,834.0767,852.185 521,677,664

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

Moving Averages: 10-period 50-period 200-period
Close: 7,845.38 7,637.92 7,197.80
Volatility: 11 14 19
Volume: 443,888,608 517,613,568 511,694,496

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 9.1% 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 11 periods.