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NASDAQ Composite (.IXIC) Possible Correction to 7,600

NASDAQ Composite (.IXIC) Possible Correction to 7,600

Thursday’s session closes with the NASDAQ Composite Index at 7,825.30. The total shares traded for the NASDAQ was over 1.88 billion.

Advancers stocks led declining by 1.17 to 1 ratio. There were 1618 advancers and 1387 decliners for the day. On the NASDAQ Stock Exchange 70 stocks reached a 52 week high and 27 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.

The NASDAQ 100 index closed down -.51% for the day; a total of -37.77 points. The current value is 7,352.36. eBay Inc. ( EBAY ) had the largest percent change down (-10.12%) while O’Reilly Automotive, Inc. ( ORLY ) had the largest percent change gain rising 3%.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 7,579.37.

The projected upper bound is: 7,999.80.

The projected lower bound is: 7,673.13.

The projected closing price is: 7,836.46.

Candlesticks

A black body occurred (because prices closed lower 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 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 83.6991. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 12 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 61.82. 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 19 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 73. This is not a topping or bottoming area. The last signal was a sell 3 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 8 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed down -29.148 at 7,825.296. Volume was 17% below average (neutral) and Bollinger Bands were 5% wider than normal.

Open High Low Close Volume___
7,829.8037,849.8497,811.1537,825.296 434,389,856

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

Moving Averages: 10-period 50-period 200-period
Close: 7,791.09 7,590.39 7,165.47
Volatility: 13 14 19
Volume: 429,959,968 520,836,608 510,432,864

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 9.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 6 periods.