NDX ends the day on a bullish note closing near the high of the day
Nasdaq 100 Index (NDX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NDX ended the month 6.29% higher at 10156.85 after gaining $195.69 (1.96%) today. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (NDX as at Jun 30, 2020):
Tuesday's trading range has been $228.52 (2.29%), that's slightly above the last trading month's daily average range of $199.31. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NDX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, NDX gained 0.78% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 10306.90 where further buy stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Nasdaq 100. Out of 334 times, NDX closed higher 57.19% 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 64.37% with an average market move of 0.61%.
With five out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are SPX gaining 1.54% and NKY closing 1.33% higher. On the flipside the worst performer has been FTSE closing -0.9% lower. Read more