Nasdaq Index Forecast
Red day on Friday for Nasdaq
(Updated on Apr 19, 2024)
The Nasdaq index price fell by -2.05% on the last day (Friday, 19th Apr 2024) from 15,601.50 points to 15,282.01 points. It has now fallen 6 days in a row. During the last trading day the index fluctuated 2.32% from a day low at 15,222.78 points to a day high of 15,576.70 points. The price has fallen in 7 of the last 10 days and is down by -5.95% for this period. Volume has increased on the last day by 204 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 5 billion shares were bought and sold for approximately 69.51 points trillion.
Given the current short-term trend, the index is expected to rise 4.40% during the next 3 months and, with a 90% probability hold a price between 15,955.06 points and 17,236.71 points at the end of this 3-month period.
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^IXIC Signals & Forecast
There are few to no technical positive signals at the moment. The Nasdaq index holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at 15,847.78 points and 16,147.24 points. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -7.06%. 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). Volume rose on falling prices yesterday. This may be an early warning and the index should be followed more closely.
Support, Risk & Stop-loss for Nasdaq index
Nasdaq finds support from accumulated volume at 15,164.01 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the index tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the index moved 353.93 points between high and low, or 2.32%. For the last week the index has had daily average volatility of 2.63%.
Nasdaq is oversold on RSI14 (24). Some indices may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect NASDAQ Composite to open at 15,360.50 points, and during the day (based on 14 day Average True Range), to move between 14,999.08 points and 15,564.94 points, which gives a possible trading interval of +/-282.93 points (+/-1.85%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 15,164.01 points (0.77%) than the resistance at 16,103.45 points (5.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is NASDAQ Composite index A Buy?
The Nasdaq index holds several negative signals and despite the positive trend, we believe Nasdaq will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this index.
Current score: -1.696 Sell Candidate Unchanged
Predicted Opening Price for NASDAQ Composite of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
15,360.50 points ( 0.514%) | 15,282.01 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 | 15,714.42 | 2.83 % | |
R2 | 15,579.22 | 1.94 % | ||
R1 | 15,495.70 | 1.40 % | ||
Current price: | 15,282.01 | |||
Support | S1 | 15,225.30 | -0.371 % | |
S2 | 15,141.77 | -0.92 % | ||
S3 | 15,006.57 | -1.80 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16,396.83 | 7.29 % | |
R2 | 16,315.70 | 6.76 % | ||
R1 | 16,103.45 | 5.38 % | ||
Current price | 15,282.01 | |||
Support | S1 | 15,164.01 | -0.772% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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