NDX closes below its opening price unable to hold early session gains

Nasdaq 100 Index (NDX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team


NDX closes below its opening price unable to hold early session gains
NDX fails to close above 200-day moving average
NDX closes higher for the 2nd day in a row
NDX closes within previous day's range after lackluster session


Moving higher for the 2nd day in a row, NDX ended Wednesday at 7015.88 edging higher $1.21 (0.02%). Trading $24.26 higher after the open, the stock index was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on January 16th, NDX actually gained 0.75% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (NDX as at Feb 13, 2019):

Daily technical analysis candlestick chart for Nasdaq 100 Index (NDX) as at Feb 13, 2019

Wednesday's trading range has been $52.85 (0.75%), that's far below the last trading month's daily average range of $83.32. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NDX.

After spiking up to 7062.58 during the day, the market found resistance at the 200-day moving average at 7049.52.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Trading close to December's high at 7107.00 we could see further upside momentum if potential buy stops at the level get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Nasdaq 100. Out of 8 times, NDX closed higher 87.50% 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 10 trading days, showing a win rate of 62.50% with an average market move of 0.82%.

With six out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are NKY gaining 1.34% and HSI closing 1.16% higher. None of the markets ended the day in the red. Read more

Market Conditions for NDX as at Feb 13, 2019

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