NDX runs into sellers around 6699.76 for the third day in a row

Nasdaq 100 Index (NDX) Technical Analysis Report for Apr 16, 2018

Highlights

NDX runs into sellers around 6699.76 for the third day in a row
NDX closes below its opening price unable to hold early session gains
NDX pushes through 100-day moving average
NDX finds support at 100-day moving average
NDX rises to highest close since March 26th

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

NDX finished Monday at 6675.18 gaining $46.84 (0.71%). Today's closing price of 6675.18 marks the highest close since March 26th. Trading $23.84 higher after the open, Nasdaq 100 was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NDX

Volatility

Monday's trading range was $66.68 (1.0%), that's far below last trading month's daily average range of $148.82. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 6534.89 and 6703.31 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 6598.34. Prices are trading close to the key resistance level at 6716.25. The market ran into sellers again today around 6699.76 for the third trading day in a row after having found sellers at 6703.31 in the prior session and at 6682.69 two days ago. After trading as low as 6633.08 during the day, the index found support at the 100-day moving average at 6647.43.

Trend

Nasdaq shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock index managed to break above the 100-day moving average at 6647.43 today for the first time since April 12th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 6703.31 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 6598.34 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

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