NDX dominated by bulls lifting the market higher throughout the day

Nasdaq 100 Index (NDX) Technical Analysis Report for Dec 06, 2018 | by Techniquant Editorial Team


NDX breaks back above 20-day moving average
NDX dominated by bulls lifting the market higher throughout the day
NDX closes within previous day's range


NDX ended Thursday at 6838.85 gaining $43.64 (0.64%) ahead of tomorrow's NFP report. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (NDX as at Dec 06, 2018):

Daily technical analysis candlestick chart for Nasdaq 100 Index (NDX) as at Dec 06, 2018

Thursday's trading range has been $208.03 (3.13%), that's far above the last trading month's daily average range of $140.44. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NDX.

Three candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns and one bearish pattern, the Thrusting Pattern. The last time a White Candle showed up on November 30th, NDX gained 1.63% on the following trading day.

The market managed to close back above the 20-day moving average at 6834.57. Prices are trading close to the key technical resistance level at 6892.89 (R1).

Though the stock index is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Closing Marubozu" stand out. Its common bullish interpretation has been confirmed for Nasdaq 100. Out of 33 times, NDX closed higher 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 63.64% with an average market move of 0.96%.

With six out of the other six Major World Indices closing lower today, the ones that stand out on the negative side are DAX losing -3.48% and FTSE closing -3.15% lower. None of the markets managed to end the day in the green. Read more

Market Conditions for NDX as at Dec 06, 2018

Loading Market Conditions for NDX (Nasdaq 100 Index)...
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