NDAQ breaks below prior session low


NASDAQ OMX Group (NDAQ) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
Traders officially love to sell NDAQ against 93.59 level
NDAQ pulls back from highs giving back most intraday gains
NDAQ closes below its opening price unable to hold early session gains
NDAQ finds buyers at key support level
NDAQ unable to break through key resistance level
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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.

Daily chart for NDAQ
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further selling might move prices lower should the market test July's nearby low at 89.70.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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