0% commission for ETF tradesNasdaq Index Forecast
AI Analysis of ^IXIC
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| Risk Assessment |
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Nasdaq index upgraded to Hold/Accumulate.
(Updated on Sep 13, 2024)
The Nasdaq index price gained 0.651% on the last trading day (Friday, 13th Sep 2024), rising from 17,569.68 points to 17,683.98 points. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the index fluctuated 0.88% from a day low at 17,564.61 points to a day high of 17,719.14 points. The price has risen in 7 of the last 10 days and is up by 0.96% over the past 2 weeks. Volume fell on the last day by -41 million shares and in total, 4 billion shares were bought and sold for approximately 76.13 points trillion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The index lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at 17,697.27 points will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the index is expected to fall -4.63% during the next 3 months and, with a 90% probability hold a price between 15,102.33 points and 16,877.89 points at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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^IXIC Signals & Forecast
The Nasdaq index holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the index has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at 17,196.88 points and 17,256.44 points. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, August 21, 2024, and so far it has fallen -1.31%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Nasdaq index
Nasdaq finds support from accumulated volume at 17,599.40 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 154.53 points (0.88%) between high and low. For the last week, the index has had daily average volatility of 1.75%.
Our recommended stop-loss: 17,023.06 points (-3.74%) (This index has low daily movements and this gives low risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Monday 16th
For the upcoming trading day on Monday, 16th we expect NASDAQ Composite to open at 17,655.91 points, and during the day (based on 14 day Average True Range), to move between 17,339.86 points and 18,028.10 points, which gives a possible trading interval of +/-344.12 points (+/-1.95%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 17,689.36 points (0.03%) than the support at 17,599.40 points (0.48%), 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 negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this index since the last evaluation from a Sell to a Hold/Accumulate candidate.
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Current score: -0.124 Hold/Accumulate Upgraded
Predicted Opening Price for NASDAQ Composite of Monday, September 16, 2024
| Fair opening price September 16, 2024 | Current price |
|---|---|
| 17,655.91 points ( 0.159%) | 17,683.98 points |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ^IXIC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17,810.44 | 0.715% |
| R2 | 17,751.41 | 0.381% |
| R1 | 17,714.94 | 0.175% |
| Price | 17,683.98 | |
| S1 | 17,596.88 | -0.493% |
| S2 | 17,560.41 | -0.699% |
| S3 | 17,501.37 | -1.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17,732.60 | 0.275% |
| R2 | 17,721.59 | 0.213% |
| R1 | 17,689.36 | 0.0304% |
| Price | 17,683.98 | |
| S1 | 17,599.40 | -0.478% |
| S2 | 17,342.41 | -1.93% |
| S3 | 17,194.15 | -2.77% |
FAQ
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