NDX rises to highest close ever
Nasdaq 100 Index (NDX) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, NDX finished Monday at 7713.49 gaining $23.77 (0.31%). Today's close at 7713.49 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 7694.18, the market confirmed its breakout through the prior session high after trading up to $21.15 above it intraday.
Daily Candlestick Chart (NDX as at Apr 22, 2019):
Monday's trading range has been $61.44 (0.8%), that's slightly above the last trading month's daily average range of $59.00. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below 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 Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on March 20th, NDX actually gained 1.52% on the following trading day.
After having been unable to move lower than 7647.40 in the previous session, Nasdaq found buyers again around the same price level today at 7653.89.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 7647.40 where further sell stops could get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Nasdaq 100. Out of 34 times, NDX closed higher 55.88% 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 67.65% with an average market move of 0.57%.
With two out of the other three Major World Indices closing higher today, the ones that stand out on the positive side are SPX gaining 0.1% and NKY closing 0.08% higher. On the flipside the worst performer has been DJIA closing -0.18% lower. Read more