Nasdaq Index Forecast
Red day on Thursday for Nasdaq index after losing 0.522%
(Updated on Apr 18, 2024)
The Nasdaq index price fell by -0.522% on the last day (Thursday, 18th Apr 2024) from 15,683.37 points to 15,601.50 points. It has now fallen 5 days in a row. During the last trading day the index fluctuated 1.27% from a day low at 15,587.50 points to a day high of 15,786.12 points. The price has fallen in 6 of the last 10 days and is down by -2.79% for this period. 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 -11 million shares and in total, 4 billion shares were bought and sold for approximately 67.78 points trillion.
Given the current short-term trend, the index is expected to rise 5.22% during the next 3 months and, with a 90% probability hold a price between 16,415.81 points and 17,369.88 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 15,974.68 points and 16,170.38 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 -5.11%. 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 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 15,360.29 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 198.62 points between high and low, or 1.27%. For the last week the index has had daily average volatility of 2.44%.
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 Friday 19th
For the upcoming trading day on Friday, 19th we expect NASDAQ Composite to open at 15,658.37 points, and during the day (based on 14 day Average True Range), to move between 15,326.03 points and 15,876.96 points, which gives a possible trading interval of +/-275.47 points (+/-1.77%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 15,360.29 points (1.55%) than the resistance at 16,103.45 points (3.22%), 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: -1.944 Sell Candidate Unchanged
Predicted Opening Price for NASDAQ Composite of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| 15,658.37 points ( 0.365%) | 15,601.50 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 | 15,856.99 | 1.64 % | |
| R2 | 15,781.12 | 1.15 % | ||
| R1 | 15,734.24 | 0.85 % | ||
| Current price: | 15,601.50 | |||
| Support | S1 | 15,582.50 | -0.122 % | |
| S2 | 15,535.63 | -0.422 % | ||
| S3 | 15,459.76 | -0.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16,396.83 | 5.10 % | |
| R2 | 16,315.70 | 4.58 % | ||
| R1 | 16,103.45 | 3.22 % | ||
| Current price | 15,601.50 | |||
| Support | S1 | 15,360.29 | -1.55% | |
| S2 | 15,310.97 | -1.86% | ||
| S3 | 15,164.01 | -2.80% |
FAQ
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