The Greedy Trader Weekly Analysis
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- 5/17/2024 -
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Nasdaq (^IXIC) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtLane's Stochastic bearish divergence
Daily :Williams' Percentage Range and Lane's Stochastic are strongly overbought
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It was a fourth positive week after 4 consecutive negative weeks for the Nasdaq (^IXIC). During the week, the ^IXIC gained 345.10 points, or 2.11%, and closed at 16685.97 on Friday, May 17, 2024. Weekly volume was 70% above average.

Long-term trend: [See ^IXIC long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 10088.83 and reached 16797.83 on May 16, 2024. ^IXIC gained -6709.00 points, or -66.50%, in 83 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 13893.08 and resistance is at 17334.85. 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 long-term trend.

Medium-term trend: [See ^IXIC medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 12543.86 and reached 16797.83 on May 16, 2024. ^IXIC gained -4253.97 points, or -33.91%, in 29 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since April 12, 2024. The distance between MACD and the signal line is low and getting smaller. 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 April 19, 2024 at 15222.78 and reached 16797.83 on May 16, 2024. ^IXIC gained -1575.05 points, or -10.35%, in 27 days. The price is now at the 7.10% retracement level.

Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic.

The daily MACD line is above its signal line since May 1, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.99
Williams' Percentage Range (W%R) 5.80
Strong Overbought
Lane's Stochastic (%D-Slow) 91.11
Strong Overbought
Greed/Fear Indicator (GFI) 85.42
Overbought
Moving Average Converg./Diverg. (MACD) 103.68
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.64
Williams' Percentage Range (W%R) 3.80
Strong Overbought
Lane's Stochastic (%D-Slow) 56.96
Bearish
Greed/Fear Indicator (GFI) 69.13
Moving Average Converg./Diverg. (MACD) 585.96
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 17334.85
Upper Bollinger Band 17061.73
Daily Stochastic Crossing 16742.28
Price 16685.97
Parabolic System 16424.82
Weekly Stochastic Crossing 16251.60
50 Day Moving Average 16136.37
20 Day Moving Average 16117.09
Lower Bollinger Band 15471.32
Quarterly Trendline Support 13893.08
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 15557.64
Low Date 05/01/2024
High 16797.83
High Date 05/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 15222.78
Low Date 04/19/2024
High 16797.83
High Date 05/16/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 12543.86
Low Date 10/26/2023
High 16797.83
High Date 05/16/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 17334.85
Support 13893.08
Low 10088.83
Low Date 10/13/2022
High 16797.83
High Date 05/16/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 16212.23
High Date 11/22/2021
Low 10088.83
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.