NDX rises to highest close since May 16th
Nasdaq 100 Index (NDX) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, NDX finished Tuesday at 7513.85 edging higher $11.92 (0.16%). Today's close at 7513.85 marks the highest recorded closing price since May 16th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (NDX as at Jun 11, 2019):
Tuesday's trading range has been $105.58 (1.39%), that's slightly above the last trading month's daily average range of $99.42. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NDX.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading down to 7489.99 earlier during the day, the market bounced off the key technical support level at 7496.30 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 3rd, NDX gained 2.70% on the following trading day. Prices are trading close to the key technical resistance level at 7602.08 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four 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 35 times, NDX closed higher 57.14% 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 68.57% with an average market move of 0.59%.
With four out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are DAX gaining 0.92% and HSI closing 0.76% higher. On the flipside the worst performers have been DJIA closing -0.05% lower and SPX losing -0.03%. Read more