Nasdaq Index Forecast

Nasdaq index upgraded to Strong Buy Candidate.
(Updated on Jul 02, 2024)

^IXIC Signals & Forecast

The Nasdaq index holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 17,788.43 points and 17,226.53 points. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 17.97%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The index should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Nasdaq index

On the downside, the index finds support just below today's level from accumulated volume at 16,698.32 points and 16,698.32 points. There is a natural risk involved when a index is testing a support level, since if this is broken, the index then may fall to the next support level. In this case, Nasdaq finds support just below today's level at 16,698.32 points. If this is broken, then the next support from accumulated volume will be at 16,698.32 points and 15,696.64 points.

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 229.05 points (1.29%) between high and low. For the last week, the index has had daily average volatility of 1.29%.

Our recommended stop-loss: 17,473.48 points (-3.08%) (This index has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 56 days ago.)

Trading Expectations (^IXIC) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect NASDAQ Composite to open at 17,954.10 points, and during the day (based on 14 day Average True Range), to move between 17,804.81 points and 18,252.72 points, which gives a possible trading interval of +/-223.95 points (+/-1.24%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 2.48% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ 16,698.32 points, some 1,330.44 points (7.38%) from the current price of 18,028.76 points, our system finds the risk reward attractive.

Is NASDAQ Composite index A Buy?

Nasdaq holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this index since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.279 Strong Buy Candidate Upgraded

Predicted Opening Price for NASDAQ Composite of Wednesday, July 3, 2024

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