Nasdaq Index Forecast
Stronger technical forecast for Nasdaq index price after Friday trading.
(Updated on May 03, 2024)
The Nasdaq index price gained 1.99% on the last trading day (Friday, 3rd May 2024), rising from 15,840.96 points to 16,156.33 points. During the last trading day the index fluctuated 0.85% from a day low at 16,068.34 points to a day high of 16,204.71 points. The price has risen in 6 of the last 10 days and is up by 5.72% over the past 2 weeks. Volume fell on the last day by -34 million shares and in total, 4 billion shares were bought and sold for approximately 69.42 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 is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Nasdaq index with a 90% probability to be traded between 15,300.09 points and 16,463.05 points at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and indices seldom manage to go directly from the bottom of a trend up to the top. Indices turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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^IXIC Signals & Forecast
Mostly positive signals in the chart today. 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 15,826.19 points and 16,039.11 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 5.72%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for Nasdaq index
Nasdaq finds support from accumulated volume at 16,091.92 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 136.37 points (0.85%) between high and low. For the last week, the index has had daily average volatility of 1.78%.
Our recommended stop-loss: 15,471.99 points (-4.24%) (This index has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect NASDAQ Composite to open at 16,143.13 points, and during the day (based on 14 day Average True Range), to move between 15,854.38 points and 16,458.28 points, which gives a possible trading interval of +/-301.95 points (+/-1.87%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 16,207.51 points (0.32%) than the support at 16,091.92 points (0.40%), 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?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Nasdaq index to perform well in the short-term period. We have upgraded our analysis conclusion for this index since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.588 Buy Candidate Upgraded
Predicted Opening Price for NASDAQ Composite of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| 16,143.13 points ( 0.0817%) | 16,156.33 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 | |||
|---|---|---|---|---|
| Resistance | R3 | 16,279.50 | 0.762 % | |
| R2 | 16,227.40 | 0.440 % | ||
| R1 | 16,195.22 | 0.241 % | ||
| Current price: | 16,156.33 | |||
| Support | S1 | 16,091.03 | -0.404 % | |
| S2 | 16,058.85 | -0.603 % | ||
| S3 | 16,006.76 | -0.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16,379.46 | 1.38 % | |
| R2 | 16,274.94 | 0.734 % | ||
| R1 | 16,207.51 | 0.317 % | ||
| Current price | 16,156.33 | |||
| Support | S1 | 16,091.92 | -0.399% | |
| S2 | 15,973.17 | -1.13% | ||
| S3 | 15,696.64 | -2.85% |
FAQ
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