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Archive
- 10/16/2020 -
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Nasdaq (^IXIC) |
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| Summary:
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| | It was a fourth positive week after 3 consecutive negative weeks for the Nasdaq (^IXIC). During the week, the ^IXIC climbed 91.62 points, or 0.79%, and closed at 11671.56 on Friday, October 16, 2020. Weekly volume was -30% below average.
 Long-term trend: [See ^IXIC long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 1265.52 and reached 12074.06 on September 2, 2020. ^IXIC gained -10808.54 points, or -854.08%, in 599 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (6721.34) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See ^IXIC medium-term trend chart]
A medium-term uptrend had started on February 11, 2016 at 4209.76 and reached 12074.06 on September 2, 2020. ^IXIC gained -7864.30 points, or -186.81%, in 237 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (7109.25) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
 Short-term trend: [See ^IXIC short-term trend chart]
A short-term uptrend had started on March 23, 2020 at 6631.42 and reached 12074.06 on September 2, 2020. ^IXIC gained -5442.64 points, or -82.07%, in 163 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 10920.46 and resistance is at 13209.46. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since September 29, 2020. This is an indication that the short-term trend is up.
A Parabolic SAR (stop and reversal) indicator (11622.78) comes close to the price (11671.56). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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