Nasdaq Index Forecast
Nasdaq index upgraded to Buy Candidate.
(Updated on May 09, 2024)
The Nasdaq index price fell by -0.182% on the last day (Thursday, 9th May 2024) from 16,332.56 points to 16,302.76 points. It has now fallen 3 days in a row. During the last trading day the index fluctuated 0.712% from a day low at 16,226.07 points to a day high of 16,341.65 points. The price has been going up and down for this period, and there has been a 4.43% gain for the last 2 weeks. Volume fell on the last day along with the index, which is actually a good sign as volume should follow the index. On the last day, the trading volume fell by -522 million shares and in total, 4 billion shares were bought and sold for approximately 67.38 points trillion.
The indexis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at 16,349.43 points will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Nasdaq index with a 90% probability to be traded between 15,286.35 points and 16,353.16 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
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 16,131.41 points and 16,059.23 points. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, May 06, 2024, and so far it has fallen -0.284%. Further fall is indicated until a new bottom pivot has been found. 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 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 115.58 points (0.712%) between high and low. For the last week, the index has had daily average volatility of 0.85%.
Our recommended stop-loss: 15,716.40 points (-3.60%) (This index has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect NASDAQ Composite to open at 16,290.16 points, and during the day (based on 14 day Average True Range), to move between 16,040.36 points and 16,565.15 points, which gives a possible trading interval of +/-262.40 points (+/-1.61%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 16,369.41 points (0.41%) than the support at 16,091.92 points (1.29%), 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: 1.230 Buy Candidate Upgraded
Predicted Opening Price for NASDAQ Composite of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| 16,290.16 points ( 0.0773%) | 16,302.76 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 | 16,405.74 | 0.632 % | |
| R2 | 16,361.58 | 0.361 % | ||
| R1 | 16,334.31 | 0.194 % | ||
| Current price: | 16,302.76 | |||
| Support | S1 | 16,246.01 | -0.348 % | |
| S2 | 16,218.73 | -0.515 % | ||
| S3 | 16,174.58 | -0.786 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16,399.52 | 0.594 % | |
| R2 | 16,379.46 | 0.470 % | ||
| R1 | 16,369.41 | 0.409 % | ||
| Current price | 16,302.76 | |||
| Support | S1 | 16,091.92 | -1.29% | |
| S2 | 15,973.17 | -2.02% | ||
| S3 | 15,696.64 | -3.72% |
FAQ
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