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Nasdaq Composite Index CFD

Nasdaq Market Update for 10/19Trend lines drawn from 9/3 (32d), 9/24 bottom (18d), 10/12 pivot day (6d), 10/13 (5d), and today 10/19 (1 day). Monday, October 19, 2020 Pray tomorrow takes me higher Facts: 1.65% lower, Volume higher, Closing range: 8%, Red Body: 78% Good: Held above 21d EMA , volume still not super high Bad: Almost everything, start up 1% but go down the whole day Candle: 78% red body with 8% closing range. Advance/Decline: 0.35, twice as many stocks declining than advancing Sectors: All sectors were down, but Utilities ( XLU ) was the best performing of the day. Energy ( XLE ) led with gains in the morning. Technology ( XLK ) and Communications ( XLC ) were worst of day. Expectation: Sideways or Lower The stock market opened the week on a sour note on Monday. After being up 1% at open, the market quickly turned and trended downward the entire day. The Nasdaq finished the day -1.65% lower on higher volume (my indicator above is from QQQ ). The candle is a large red body of 78%, with a short upper wick from the morning gains. A closing range of 8% shows we ended the day at the bottom. There were twice as many declining stocks than advancing. Although volume was higher, it is still lower than recent average volume . The index is testing the October support area as well as the 21d EMA . The S&P500 lost 1.63% on the day. None of the sectors ended the day with gains. Utilities ( XLU ) performed the best. Energy ( XLE ) had early morning gains before pivoting and losing ground. Communications ( XLC ) and Technology ( XLK ) were the worst performing of the day. If the 21d EMA support can hold, then a small gain around 0.80% might be expected. That would continue the trend from the 10/12 pivot and also meet up with the 5d line and the trend line from the 9/23 bottom. With good news on stimulus or the pandemic, that could bring the index back to it's longer trend from early September which points to a 4.21% gain. However, the index is trading in the lower half of that regression channel. Continuing today's downward trend would take the index below the 21d EMA for a -1.93% loss. It would likely get support at the 50d MA as well as the September support area of 11,300. Going further than that would be a very negative signal and we would put our eye on the July support area of 10,600. I'm keeping the June Support line in view, but its 9% below the Friday close and there are 4 key support levels that the index would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
2
Nasdaq Weekly Review - 10/12/2020 - 10/16/2020This is a first attempt at writing up my weekend homework. I look back over the week and review what happened in the market. What were my expectations each day and then what actually happened? What can I learn from expectation breakers? And then I look at what is coming in the week ahead. Monday, October 12, 2020 I'm a keep on chillin', refillin' and flyin' high Facts: 2.56% gain, Higher volume, Closing range: 66%, Green Body: 55% Good: Follow-through day for the Nasdaq. An FTD is a indicator from the CANSLIM system and Investors Business Daily. Bad: Not much, except som selling late in the afternoon Candle: 55% green body with 66% closing range. The almost constant upward movement created a fat green body, but the day finished off with some selling the created a short upper wick. Advance/Decline: 1.17, a few more advancers then declines but not the same breadth as previous week Sectors: Technology (XLK) and Communications (XLC) led the day. Materials (XLB) and Industrials (XLI) lagged behind. Energy (XLE) had an afternoon surge. Expectation: Sideways It was a magnificent start to the week for the Nasdaq with a gap up and +2.56 gain on higher volume . A confirmed FTD for those who follow CANSLIM and IBD. The candle has a fat green body with a 66% closing range and tiny wicks at the top and bottom. It was upward most of the day with some profit taking in the late afternoon. All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%. A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen. Tuesday, October 13, 2020 Let There Be Rock Facts: 0.1% Lower, Lower volume, Closing range: 34%, Red Body: 30% Good: Held at the upper range of the previous days price range. Bad: Indecisive inside day with a thinner body, lows and highs were traded two times each Candle: 30% green body, 35% closing range, Inside day Advance/Decline: 0.53, almost twice as many decliners as advancers Sectors: Technology (XLK) and Consumer Discretionary (XLC) led the day while Energy (XLE) had a huge advance near close. Financial (XLF) and Real Estate (XLRE) moved lower on earnings expectations. Expectation: Sideways or Lower The Nasdaq took a breather from the previous days big gains. The index dropped back -0.1% with an inside day. The 30% red body shows some indecision throughout the day with a lean toward bearish in the 34% closing range. It would be better to have that closing range be at least 40% to show more bullish support. Lower volume on the index is good given the bearishness, but SPX had higher volume with a significantly bearish movement. Declining stocks outnumbered advancing stocks at a ratio of 3:2. Continuing today's sideways move would land the index in nearly the same spot tomorrow and also join up with the longer trend from the the 9/23 bottom. Picking back up the 5 day trend would result in a +2.20% gain and a new all time high. There is likely to be more resistance as we approach that level. So I'd expect any gains to be contained within 1.5%, just under the previous all time high. Given the indecisive Tuesday, a more severe pullback is also a possibility. Meeting back up with the trend from early September would result in a -3.67% loss where the index would find support from October trading ranges. Wednesday, October 14, 2020 We're running wild and we're restless Facts: 0.8% Lower, Volume Lower, Closing Range: 24%, Red Body: 53% Good: Held above Monday's lows, so the FTD is still good Bad: Tried but could not find higher ground late in day Candle: 53% red body with 24% closing range, the long red body showed little support for any gains throughout the day. Advance/Decline: 0.38, much more decliners than advancers Sectors: Materials (XLB), Industrials (XLI) and Utilities (XLU) all shared the limelight as investors rushed for safer bets. Expectation: Sideways or lower The Nasdaq continued to rest from it's recent aggressive gains, dropping -0.8%. It's still trading within the highs and lows of the bullish day on Monday. The candle has a 53% Red body with a bearish 24% closing range on lower volume than the previous two days. Declining stocks outnumbered advancing stocks at a 2:1 ratio. Materials, Industrial and Utilities were the top three sectors of the day. Energy started the day strong but faded significantly as trading progressed. Communications was the worst sector for the day, after having a strong showing earlier in the week. Tomorrow will bring updates on Jobless claims, Manufacturing, and Crude Oil inventories. Several 2020 favorites are down significantly after hours including Datadog ( DDOG ), Cloudflare (NET) and Fastly ( FSLY ). Fastly is down almost 30% in postmarket trading after cutting Q3 guidance. Start with the positive trends. The five day trend points to a +2.79% gain for tomorrow, which would take the index to near all time highs. That will probably meet up with resistance and so expect closer to +2.5% as the upper limit. If the index moves back towards the trend from the bottom, then expect a +1.41% gain. Further pullback is certainly possible. Meeting back up with the trend from early September would result in a -2.03% loss where the index would find support from October support lines. Based on today's trading range, it's plausible the index will go sideways more and stay above Monday's low. That would be a great sign of strength at the current level. Thursday, October 15, 2020 Baby come back, you can blame it all on me Facts: 0.47% Lower, Lower volume, Closing Range: 85%, Green Body: 85% Good: Gains through out the day, looks like investors are back in the game after the gap down and previous two day sell off Bad: Undercut the low of Monday Follow-thru day, making that a failed FTD Candle: 85% green body with 85% closing range. Gapped down on open but gains throughout the day. Advance/Decline: 0.99, about as many advancers as decliners Sectors: Energy (XLE) was far out in front for the day, likely on oil supply being lower than expected (leading to higher oil prices) Expectation: Higher The Nasdaq took another small step back having dropped -0.47% but recovering from a much lower morning. It did undermine the low from Monday's follow-thru day. The bullish candle has a 85% green body with a strong 85% closing range after falling off a bit late in the day. Volume was lower than the previous three days (my indicator shows higher volume from QQQ , IXIC volume was lower). There were about the same amount of Advancing stocks as there were Declining stocks. Energy was the leading sector of the day with XLE gaining 1.21% from yesterdays close and gained 3.6% from today's open. Compare that to the SPX which dropped -0.15%. Other sectors that did well included Financials, Industrials and the Consumer Discretionary/Staples sectors. Although the day started with a gap down, it trended upward the entire day. A continuation of that 1d trend would result in a 0.77% gain tomorrow, meeting up with the 5d trend line . The trend from the 9/23 bottom points to a 2.06% gain which would be right under expected resistance near the all time highs. Further pullback is certainly possible. The trend from Monday's pivot (including morning gains) would result in a -1.70% loss where the index would meet up with the September correction trend line and find support from October trading. Friday, October 16, 2020 You took my money, you took my time Made me think everything was fine Facts: 0.36% Lower, Lower volume, Closing Range: 13%, Red Body: 50% Good: The morning seemed to continue previous days strength Bad: Double expectation buster from previous day green, and morning gains, resulting in afternoon disappointment Candle: 50% red body with 13% closing range. Upper wick and lower body represent the disappointing end to the week. Advance/Decline: 0.70, more decliners than advancers Sectors: Investors escaped other sectors to the warm safe comfort of Utilities . Consumer Discretionary (XLY), Technology (XLK) and Energy (XLE) lead the afternoon sell-off. Expectation: Lower The Nasdaq index action today gave us a great summary of the entire week. An amazing start, and a very disappointing end. Just as Monday was an amazing start to the week, today's morning saw gains of over 1% only to disappoint with -0.36% loss by the end of the day. The candle shows it all with an long upper wick, 50% red body, and a dismal 13% closing range. The only positive is that volume continues to be lower indicating shakeout, but not huge institutional selling. Advancing and Declining stocks remained about equal. Utilities ( XLU ) sector was the leading sector of the day. Utilities is the best safe haven for risk-adverse investors who want to stay in equities vs moving to other currency and bond markets for protection. The alternatives just aren't good. Health ( XLV ) also performed well, supported by the increase in COVID19 cases worldwide. The only positive trend line right now is the one drawn from the 9/24 bottom. If the index were to regain that momentum, it would mean a +2.56% gain on Monday. That would also be approaching all time highs and be over the highs from the prior Monday. Let's hope this Monday will be a typical Monday in this environment. The Big Picture The week brought some mixed signals. There were positives. Although it was disappointing to pull back from Monday's highs, the market needed to settle back down from the accelerated gains of the last few weeks. There are some positive signs. The week was still up with a 0.79 gain for the index. The 11671.56 close is still above the 21d EMA and the 21d EMA is still above the 50d MA, but signs of an upward trend. The highest volume day was Monday and the remainder of the week saw continuously lower volume. That indicates there isn't a mass exit of large institutional investors. Low yields on long term bonds and the performance of other typical safe havens is keeping investors in the stock market. The alternative is that there is a lot of money moving to Utilities, Materials and other safer bets vs what drove the big increases over the several months before September. On the other hand, the way Thursday set expectations for Friday and then broke them heading into the afternoon was a red flag. It could be investors just wanted to put money into safe bets like utilities over the weekend, driving down the price of the market leaders. Or it could be a sign of a faltered rally attempt and more downside to come. It will be important to watch for key support levels in both the index as well as the leading stocks. The big four AAPL, MSFT, AMZN and GOOG all ended the week with gains and above 50d moving averages. GOOG was below this key indicator last week and so was a great showing to see it rise above. AMZN had a bit of a tough week, including Friday where it dove below the 50d MA, but the bulls came in and got it above the key line. Several growth favorites (DDOG, VEEV, ZM to name just a few) had dips, but ended the week with solid gains. On the other hand, the revenue forecast from FSLY, which was forced to be disclosed by acquisition activity, felt a bit like a canary in the coal mine. Is there more negative surprises to come? Looking at the sectors, the continued strength of Utilities (XLU) is showing that investors want a safe bet that keeps them in equities. But there is clearly rotations happening throughout each week as opportunities arise for growth in the Technology (XLK), Communications (XLC) and Consumer (XLY/XLP) sectors. Once those growth opportunities stall, everything goes back to Utilities. Energy (XLE) continues to be interesting to watch. Crude Oil prices have stabilized quite a bit from the downward pressures in 2020. As Crude Oil has had gains, the gains have not yet reflected in the Energy sector. So this is a good one to keep watching. Often Energy will lead the sectors as we head out of a bottom. Key Levels for next Week There are several key levels in the Nasdaq to keep an eye out for and respond accordingly. First two on the positive side: Going above Monday's high of 11965.54 would be a great way to start the week. Let's hope Monday will be the typical Monday we've seen recently. Give 10/19 a new name! Passing 12074.06 would be a new all time high and a clear sign that the bull market is intact and the short September correction is over. On the downside, there are several key levels to raise red flags: 11,400 is the October support/resistance area. We did no spend a lot of time in that area so it would not be a huge problem to break below it. This is where the 21d EMA is at now. This would get more serious if we went below the 11,300 September support area. A lot of time was spent at this level going back and forth before finally breaking back above. This is where the 50d MA is at now. The next area to watch would be the July support area at 10,600. If we were to see a significant pullback this week, then the hope is we'd at least stop at this level. If we break through here, there is danger of a much more damaging decline. Beyond the July area, there is not much to hold back the index from dropping to the June support area of 10,000. There were only 2-3 days in early July that we were trading between these two levels. At the 10,000 level, there would be a lot of support from the round number psychology as well as the 200d MA. Wrap-up It will be a week to watch closely which way the market decides to go. We can't fight the market. All we can do is build some expectations, watch for signs of where it will move and then size positions and limit risks as necessary to maximize profits or minimize losses. Good luck and I hope you all have a great week! Did you find this interesting or helpful? Would be great to hear your feedback in the comments. What would you like to be added/removed/changed? I do this primarily for my own education and preparation, but would happy to look at other perspectives and/or data.
NASDAQ:IXIC
by drewby4321
2
Nasdaq Market Update for 10/16Trend lines drawn from 9/3 (31d), 9/24 bottom (17d), 10/12 (5d), and today 10/16 (1 day). The Nasdaq index action today gave us a great summary of the entire week. An amazing start, and a very disappointing end. Just as Monday was an amazing start to the week, today's morning saw gains of over 1% only to disappoint with -0.36% loss by the end of the day. The candle shows it all with an long upper wick, 50% red body, and a dismal 13% closing range. The only positive is that volume continues to be lower indicating shakeout, but not huge institutional selling. Advancing and Declining stocks remained about equal. Utilities (XLU) sector was the leading sector of the day. Utilities is the best safe haven for risk-adverse investors who want to stay in equities vs moving to other currency and bond markets for protection. The alternatives just aren't good. Health (XLV) also performed well, supported by the increase in COVID19 cases worldwide. The only positive trend line right now is the one drawn from the 9/24 bottom. If the index were to regain that momentum, it would mean a +2.56% gain on Monday. That would also be approaching all time highs and be over the highs from the prior Monday. Let's hope this Monday will be a typical Monday in this environment. The downtrends are worse but don't look terrible. The 1d trend and the 5d trend from Monday's pivot day would result in a -0.49% loss where the index would meet up with the September correction trend line and find support from October trading at 11,400. I'm keeping the June Support line in view, but its 9% below the Friday close and there are 4 key support levels that the index would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Nasdaq Market Update for 10/15Trend lines drawn from 9/3 (30d), 9/24 bottom (16d), 10/9 (5d), 10/12 pivot (4d) and today 10/15 (1 day). The Nasdaq took another small step back having dropped -0.47% but recovering from a much lower morning. It did undermine the low from Monday's follow-thru day. The bullish candle has a 85% green body with a strong 85% closing range after falling off a bit late in the day. Volume was lower than the previous three days (my indicator shows higher volume from QQQ, IXIC volume was lower). There were about the same amount of Advancing stocks as there were Declining stocks. Energy was the leading sector of the day with XLE gaining 1.21% from yesterdays close and gained 3.6% from today's open. Compare that to the SPX which dropped -0.15%. Other sectors that did well included Financials, Industrials and the Consumer Discretionary/Staples sectors. Although the day started with a gap down, it trended upward the entire day. A continuation of that 1d trend would result in a 0.77% gain tomorrow, meeting up with the 5d trend line. The trend from the 9/23 bottom points to a 2.06% gain which would be right under expected resistance near the all time highs. Further pullback is certainly possible. The trend from Monday's pivot (including morning gains) would result in a -1.70% loss where the index would meet up with the September correction trend line and find support from October trading. I'm keeping the June Support line in view, but its now almost 15% below the Thursday close and there are 4 key support levels that the index would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Nasdaq Market Update for 10/14Trend lines drawn from 9/3 (29d), 9/24 bottom (15d), 10/8 (5d) and today 10/14 (1 day). The Nasdaq continued to rest from it's recent aggressive gains, dropping -0.8%. It's still trading within the highs and lows of the bullish day on Monday. The candle has a 53% Red body with a bearish 24% closing range on lower volume than the previous two days. Declining stocks outnumbered advancing stocks at a 2:1 ratio. Materials, Industrial and Utilities were the top three sectors of the day. Energy started the day strong but faded significantly as trading progressed. Communications was the worst sector for the day, after having a strong showing earlier in the week. Tomorrow will bring updates on Jobless claims, Manufacturing, and Crude Oil inventories. Several 2020 favorites are down significantly after hours including Datadog (DDOG), Cloudflare (NET) and Fastly (FSLY). Fastly is down almost 30% in postmarket trading after cutting Q3 guidance. Start with the positive trends. The five day trend points to a +2.79% gain for tomorrow, which would take the index to near all time highs. That will probably meet up with resistance and so expect closer to +2.5% as the upper limit. If the index moves back towards the trend from the bottom, then expect a +1.41% gain. Further pullback is certainly possible. Meeting back up with the trend from early September would result in a -2.03% loss where the index would find support from October support lines. Based on today's trading range, it's plausible the index will go sideways more and stay above Monday's low. That would be a great sign of strength at the current level. I'm keeping the June Support line in view, but its now almost 15% below the Wednesday close and there are 4 key support levels that it would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/13Trend lines drawn from 9/3 (28d), 9/24 bottom (14d), 10/7 (5d) and today 10/13 (1 day). The Nasdaq took a breather from the previous days big gains. The index dropped back -0.1% with an inside day. The 30% red body shows some indecision throughout the day with a lean toward bearish in the 34% closing range. It would be better to have that closing range be at least 40% to show more bullish support. Lower volume on the index is good given the bearishness, but SPX had higher volume with a significantly bearish movement. Declining stocks outnumbered advancing stocks at a ratio of 3:2. Continuing today's sideways move would land the index in nearly the same spot tomorrow and also join up with the longer trend from the the 9/23 bottom. Picking back up the 5 day trend would result in a +2.20% gain and a new all time high. There is likely to be more resistance as we approach that level. So I'd expect any gains to be contained within 1.5%, just under the previous all time high. Given the indecisive Tuesday, a more severe pullback is also a possibility. Meeting back up with the trend from early September would result in a -3.67% loss where the index would find support from October trading ranges. I'm keeping the June Support line in view, but its now almost 16% below the Tuesday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Nasdaq's Breakout ExplainedThe Nasdaq Index (IXIC) opened with a 2.56% rise yesterday, over performing the S&P 500 Index (SPX), which rose by 1.64%, and the Dow Jones Industrial Average (DJI), which rose by 0.88%. Markets closed at 11,876.26, marking the third record for the highest percentage move since April 29. Apple (AAPL) rose by 6.4%, Amazon (AMZN) and Facebook (FB) moved over 4%. Google (GOOG) and Microsoft (MSFT) also made 2-3% moves. Did tech stocks move due to projections that Biden might lose? That doesn't seem to be the case, because Biden is still winning the polls by 10%p. In this post, I'll be providing an in-depth explanation on what drove the market's bullish momentum 1. Apple and Amazon as catalysts - Apple will be revealing its first phone with a 5g feature on the 13th. - Experts anticipate that Apple will generate record sales through their new iPhone. - Apple's cycle demonstrates that the company has released massively innovative products every 3-4 years, which increased both the company's revenue and the stock's price - Amazon will also be initiating "Prime Day", for 48 hours, starting on the 13th - Due to the Coronavirus pandemic, experts anticipate that the revenue generated from this event will outperform the record from last year's Prime Day. - As a result, we could expect higher earnings for Q4 2020. 2. Strong Earnings from Tech Stocks - As I have previously mentioned in my other analysis, despite what seems to be a bubble, tech stocks are actually reporting solid returns every quarter - This is especially true because most of the major tech stocks were barely hit by the viral outbreak, if not benefiting from it. - Earnings for companies listed on the S&P500 Index are anticipated to report a 20% reduction - Meanwhile, JP Morgan (JPM) has stated that Apple, Amazon, Microsoft, Facebook, and Google will possibly report a 13% increase in revenue, and 1% increase in net profits for Q3 2020. 3. Futures and Options Short Squeeze - Due to the strong breakout that took place in the market today, a short squeeze took place, adding more momentum to the market - Bloomberg also revealed the existence of a new entity that purchased a tremendous amount of call options for tech stocks - This indicates that financial institutions who hold put options have to purchase tech stocks to hedge their positions. - What happened in the futures and options market was especially important, as the stock market's volume decreased recently, providing an environment for stock prices to be heavily influenced by financial derivatives 4. Presidential Elections Projection - I've recently done an analysis on the 450-page long report by the House of Representatives, which you can read more about below. - However, despite the FUD, it seems that even with Biden winning the elections, not much will be done to these mega tech giants - Tech companies generally tend to be friendly to the democratic party, and to split up these tech giants that are responsible for the foundation of the American economy does not make much sense from the context of the battle against China's attempt for IT hegemony. - As a result, the initial claim that Biden winning the elections would be bad for the stock market is losing its stance Technical Analysis - Technical Analysis also demonstrates strong bullish momentum - The 20 Simple Moving Average (SMA) has bounced on the 60 SMA, with the 100 SMA located at the bottom - The alignment of the moving averages demonstrate that the trend is clearly an uptrend - The Moving Average Convergence Divergence (MACD) has also formed a golden cross, and continues to demonstrate increasing bullish histograms - The Relative Strength Index (RSI) demonstrates higher lows and higher highs - Prices are getting closer to its historical high, and could potentially break through to create new all time highs, given that the trend is supported by sufficient momentum and strength. Conclusion Despite the fear, uncertainty, and doubt in the stock market posed not only by the Coronavirus pandemic, but also uncertainty regarding the presidential elections, the fundamentals of the companies that constitute the stock market remain strong, and tech stocks in particular, continue to demonstrate a bullish outlook for the future. If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight.
TVC:IXIC
by Michael_Wang_Official
14
Trend Lines, Support, Resistance for 10/12 (Republish)(Publishing this again due to errors in my indicator) Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day). It was a magnificent start to the week for the Nasdaq with a gap up and +2.56% gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a solid green body with a 66% closing range, larger wick at the top than bottom. It was upward most of the day with some profit taking in the late afternoon. All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%. A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen. I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/12Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day). It was a magnificent start to the week for the Nasdaq with a gap up and +3.16 gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a fat green body with a 93% closing range and tiny wicks at the top and bottom. It was upward most of the day with some profit taking in the late afternoon. All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%. A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen. I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
NAS100 Nasdaq | SWING - 12 Oct. 2020Hello my friend | Welcome Back. Please support this idea with LIKE if you find it useful. *** Converting the resistance into support, so it will move to the upside, the new mentioned resistance, and then head to the downside to retest the support area. *** Here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Remember this analysis is not 100% accurate No single analysis is To make a decision follow your own thoughts. *** The information given is not a Financial Advice.
FX:NAS100Long
by Saeed966
6
Trend Lines, Support, Resistance for 10/9Trend lines drawn from 9/3 (26d), 9/24 bottom (12d), 10/5 (5d) and today 10/9 (1 day). The Nasdaq topped off a +5% week with another gain on hopes of an economic stimulus. Gains were 1.39% for the index, but on lower volume (note that my indicator volume is based on QQQ). The day was almost upward the entire time with a 88% green body candle, small bottom wick and 99% closing range. The October resistance area becomes a possible support area. For Monday, continuing the bullish momentum from the 1d and 5d trends would roughly follow the trend from the 9/24 bottom as well. That would be a +0.30% gain. The trend from 9/3 continues to rotate to an upward direction. If news were to cause a pullback, there are two support areas that it could pause on a downward direction. Further down, the index would likely find support at the 50d MA and meet up with that longer trend line for a -3.17% loss. Stimulus is still not certain, although discussions are back on the table. The discussions could cause additional volatility. I'm keeping the June Support line in view, but its now almost 15% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
NASDAQ:IXIC
by drewby4321
2
Trend Lines, Support, Resistance for 10/8Trend lines drawn from 9/3 (25d), 9/24 bottom (11d), 10/2 (5d) and today 10/8 (1 day). The Nasdaq took a rest today, relative to the last few days. A nice gain of 0.5% was fairly maintained throughout the day. Most of the action was within the 37% body and shows in the middle closing range was 57%. VIX also declined 6% as a result of the tighter price range across equities. Volume was lower than the previous two days. Continuing the bullish momentum from the 5d trend would roughly follow the trend from the 9/24 bottom as well. That would be a +1.02% gain. If the 1d trend continues, that would point to a small -0.22% loss and still align with sideways movement across the October Resistance area. The trend from 9/3 continues to move to an upward direction. If news were to cause a pullback, the index would likely find support at the 50d MA and meet up with that longer trend line for a -2.48% loss. Stimulus is still not certain, although discussions are back on the table. The discussions could cause additional volatility. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/7Trend lines drawn from 9/3 (24d), 9/24 bottom (10d), 10/1 (5d) and today 10/7 (1 day). The Nasdaq recovered nicely today from the previous day sell-off, ending with gains of 1.88%. Volume was lower than previous days, and the candle was inside the previous days highs and lows, indicating some indecision. Otherwise, it was a 76% green body with a great closing range of 87% showing a bullish trend. There seems to be resistance at around 11400 which was formed from the high volume days on 9/3 and 9/4. I'm adding the October resistance line there to watch what happens over the next few trading days. Continuing the bullish momentum from the 1d trend would mean a 1.19% gain. This is also where the trend line from the 9/24 bottom points too. That would also break through the new October resistance line. A more sideways move would mean a slight decline of -0.19%, meeting up with the 5d trend line. Given the volatility over that last few weeks, it's very possible to go back down and meet up with the longer trend line drawn from 9/3. That would mean a -2.44% loss. The lack of stimulus will no doubt have some impact over the next week or so as companies and the market respond. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/6Trend lines drawn from 9/3 (23d), 9/24 bottom (9d), 9/30 (5d) and today 10/6 (1 day). The Nasdaq started off negative, then made good gains through the day, but sold off after news that Republicans will not pursue a stimulus package until after the election. That brought the index below the September support/resistance level, but still ended above the key 50d MA level. The unexpected ups and downs will continue at least through the election day. However, it's still important to have an expectation and come up with game plans for the potential moves. If the index can recover the momentum from the 9/24 low, the trend would take it back up +2.84%. It would need to break back through September support/resistance, which it has done twice on good news. Otherwise, stopping at the resistance level would mean a +1.10% gain, which is where the 5d trend points. A continuation of the 1d trend, which includes the sell-off, would mean a -1.12%. Further downside may occur as the market absorbs fully the reality of no stimulus until November. Without the stimulus, there could be more downside as impacts are surfaced with economic news. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/5Trend lines drawn from 9/3 (22d), 9/24 bottom (8d), 9/29 (5d) and today 10/5 (1 day). The Nasdaq got a huge boost today by good news of President Trump's recovery from COVID. That put the index back above the September support/resistance area and well above the 50d MA. With that said, there is still a lot depending on the continued health of the President as well as the passing of new stimulus for the economy. If today's trend continues, it will be a 0.81% increase. It's likely that the double news (once prior to market open and once during the day) put more energy into the market then deserved. So a minor pullback or sideways move would not be surprising. The 5d trend points to a -0.23% pullback but still above support. With something more negative occurring, that could bring the index back to the 50d MA or lower. Returning to the longer term trend from the 9/2 top would mean a -2.88% drop. Things are looking positive, but we are not completely out of the woods yet. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/2Trend lines drawn from 9/3 (21d), 9/24 bottom (7d), 9/28 (5d) and today 10/2 (1 day). Nasdaq reversed down on 10/2 on uncertainty around the positive COVID result for the US President. September support became resistance again. However, the virus wasn't strong enough to break the 50d MA support. Volume was much higher than the previous day, and early morning positive gains were sold off thru the day. Without further news to worsen the situation the likely outcomes on Monday are relatively modest. If the 5d trend continues, then it would be a 1.72% increase, taking the Nasdaq back to the September resistance. The trend from the 9/24 bottom would mean a 3.70% gain. Continuing the trend after the negative news would mean another -1.12% drop and would return to the longer trend from the 9/2 top. Both the 1d and the longer trend (21d) point to the same spot. I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 10/1Trend lines drawn from 9/3 (20d), 9/24 bottom (6d), 9/25 (5d) and today 10/1 (1 day). Another positive day for the Nasdaq as it continues to rally from a 9/24 bottom. Still waiting for a significant positive day (>1.25%) on higher volume to confirm the uptrend (QQQ volume shows up in my indicator, but Nasdaq volume was lower). Having passed the 11,300 resistance, that line becomes a possible support line now. If the 5d trend continues, then it would be a 0.49% increase. The trend from the 9/24 bottom would mean a 1.62% gain. A pullback is possible and would undermine the September support line. Moving back to the regression trend from the 9/2 top would be -3.83%. That move would also fill a gap in the current uptrend. It seems less likely with each move up, but I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321
Trend Lines, Support, Resistance for 9/30Trend lines drawn from 9/3 (19d), 9/24 (5d), and today 9/30 (1 day). The Nasdaq continued it's rally attempt from the 9/24 bottom. Volume is much higher compared to the previous days, representative of the swings in prices throughout the day. The September resistance area kept the index from going higher than 11,300. This will be a key level to watch as we enter a new month and new quarter. If the Nasdaq can break past that point, it will be a good support line for further gains. If the 5d trend resumes with a break past the September resistance, then it could mean a nice gain of 2.41%. If resistance holds, then sideways or slightly down is possible. A pullback after the 5d uptrend is also possible. Moving back to the regression trend from the 9/2 top would be -3.05%. That seems to be the worst case scenario for tomorrow unless some other catalyst is introduced. I'm keeping the June Support line and the possibility of a future decline to that point on the map. It's possible, but not likely to have that happen in the near term. As a reminder, there are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
NASDAQ:IXIC
by drewby4321