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Uptrend ExhaustionArchive
- 12/13/2024 -
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Nasdaq (^IXIC) Technical Analysis
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| Summary:
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| | It was a fourth consecutive positive week for the Nasdaq (^IXIC). During the week, the ^IXIC climbed 66.95 points, or 0.34%, and closed at 19926.72 on Friday, December 13, 2024. Weekly volume was 24% 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 20061.65 on December 13, 2024. ^IXIC gained -9972.82 points, or -98.85%, in 113 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 16581.33 and resistance is at 20676.84. 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 August 5, 2024 at 15708.54 and reached 20061.65 on December 13, 2024. ^IXIC gained -4353.11 points, or -27.71%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (19304.19) 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 Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since October 11, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 September 6, 2024 at 16668.57 and reached 20061.65 on December 13, 2024. ^IXIC gained -3393.08 points, or -20.36%, in 98 days. Price is near the trend high.
 Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly 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.
The daily MACD line is above its signal line since November 29, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
A Parabolic SAR (stop and reversal) indicator (19806.23) comes close to the price (19926.72). 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.
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