NDAQ breaks below prior session low
Moving lower for the 3rd day in a row, NDAQ finished the week 0.69% higher at 92.12 after losing $0.70 (-0.75%) today on low volume. Trading $1.38 higher after the open, NASDAQ OMX was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 92.64, the share confirms its breakout through the previous session's low having traded $1.00 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.95 (2.11%), that's above last trading month's daily average range of $1.38. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
After spiking up to 93.59 during the day, the stock has been sold off at those price levels and formed a bearish Pin Bar closing $1.47 below today's high.
After trading as low as 91.64 during the day, the market bounced off the key support level at 91.65. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 92.92, NDAQ closed below it after spiking as high as 93.59 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. NASDAQ OMX was sold again around 93.59 after having seen highs at 93.62, 93.62 and 93.57 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 93.59 during the day, the share found resistance at the 50-day moving average at 93.17.
Although the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Further selling might move prices lower should the market test July's nearby low at 89.70.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for NASDAQ OMX Group
|Close to R1 Resistance||TQ Pro Members Only|
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
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