NDX dominated by bulls lifting the market higher throughout the day
Nasdaq 100 Index (NDX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
NDX ended the week 4.15% higher at 7306.99 after gaining $63.98 (0.88%) today. Today's close at 7306.99 marks the highest recorded closing price since October 9, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 7267.94, the market confirmed its breakout through the prior session high after trading up to $63.35 above it intraday.
Daily Candlestick Chart (NDX as at Mar 15, 2019):
Friday's trading range has been $73.98 (1.02%), that's slightly above the last trading month's daily average range of $66.45. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NDX.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on February 4th, NDX actually gained 0.91% on the following trading day.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 7127.48 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Nasdaq 100. Out of 67 times, NDX closed higher 65.67% 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 10 trading days, showing a win rate of 61.19% with an average market move of 0.68%.
With six out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are DAX gaining 0.85% and NKY closing 0.77% higher. None of the markets ended the day in the red. Read more