Nasdaq Index Forecast

Nasdaq index downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)

^IXIC Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.16%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nasdaq index holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the index giving a more negative forecast for the stock. On further gains, the index will meet resistance from the long-term Moving Average at 16,089.91 points. On a fall, the index will find some support from the short-term average at 15,574.75 points. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Nasdaq index

Nasdaq finds support from accumulated volume at 15,509.90 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This index is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the index moved 300.60 points (1.96%) between high and low. For the last week, the index has had daily average volatility of 1.78%.

Our recommended stop-loss: 14,736.02 points (-5.61%) (This index has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (^IXIC) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect NASDAQ Composite to open at 15,533.40 points, and during the day (based on 14 day Average True Range), to move between 15,327.44 points and 15,896.08 points, which gives a possible trading interval of +/-284.32 points (+/-1.82%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.64% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 15,696.64 points (0.54%) than the support at 15,509.90 points (0.65%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is NASDAQ Composite index A Buy?

Nasdaq holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this index since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.383 Hold/Accumulate Downgraded

Predicted Opening Price for NASDAQ Composite of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.