NDX runs into sellers again around 7934.60
Nasdaq 100 Index (NDX) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
NDX finished Thursday at 7896.78 edging lower $6.62 (-0.08%). 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 Jul 11, 2019):
Thursday's trading range has been $61.44 (0.78%), that's slightly below the last trading month's daily average range of $67.40. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for NDX.
Prices are trading close to the key technical support level at 7847.52 (S1). After having been unable to move above 7923.93 in the previous session, the stock index ran into sellers again around the same price level today, failing to move higher than 7934.60. The last time this happened on Tuesday, NDX actually gained 0.98% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Nasdaq 100. Out of 533 times, NDX closed higher 55.91% 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 62.29% with an average market move of 0.62%.
With four out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are DJIA gaining 0.85% and HSI closing 0.81% higher. On the flipside the worst performers have been DAX closing -0.33% lower and FTSE losing -0.28%. Read more