Nasdaq Market Update for 10/15
Trend lines drawn from 9/3 (30d), 9/24 bottom (16d), 10/9 (5d), 10/12 pivot (4d) and today 10/15 (1 day).
The Nasdaq took another small step back having dropped -0.47% but recovering from a much lower morning. It did undermine the low from Monday's follow-thru day. The bullish candle has a 85% green body with a strong 85% closing range after falling off a bit late in the day. Volume was lower than the previous three days (my indicator shows higher volume from QQQ, IXIC volume was lower). There were about the same amount of Advancing stocks as there were Declining stocks.
Energy was the leading sector of the day with XLE gaining 1.21% from yesterdays close and gained 3.6% from today's open. Compare that to the SPX which dropped -0.15%. Other sectors that did well included Financials, Industrials and the Consumer Discretionary/Staples sectors.
Although the day started with a gap down, it trended upward the entire day. A continuation of that 1d trend would result in a 0.77% gain tomorrow, meeting up with the 5d trend line. The trend from the 9/23 bottom points to a 2.06% gain which would be right under expected resistance near the all time highs.
Further pullback is certainly possible. The trend from Monday's pivot (including morning gains) would result in a -1.70% loss where the index would meet up with the September correction trend line and find support from October trading.
I'm keeping the June Support line in view, but its now almost 15% below the Thursday close and there are 4 key support levels that the index would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
The Nasdaq took another small step back having dropped -0.47% but recovering from a much lower morning. It did undermine the low from Monday's follow-thru day. The bullish candle has a 85% green body with a strong 85% closing range after falling off a bit late in the day. Volume was lower than the previous three days (my indicator shows higher volume from QQQ, IXIC volume was lower). There were about the same amount of Advancing stocks as there were Declining stocks.
Energy was the leading sector of the day with XLE gaining 1.21% from yesterdays close and gained 3.6% from today's open. Compare that to the SPX which dropped -0.15%. Other sectors that did well included Financials, Industrials and the Consumer Discretionary/Staples sectors.
Although the day started with a gap down, it trended upward the entire day. A continuation of that 1d trend would result in a 0.77% gain tomorrow, meeting up with the 5d trend line. The trend from the 9/23 bottom points to a 2.06% gain which would be right under expected resistance near the all time highs.
Further pullback is certainly possible. The trend from Monday's pivot (including morning gains) would result in a -1.70% loss where the index would meet up with the September correction trend line and find support from October trading.
I'm keeping the June Support line in view, but its now almost 15% below the Thursday close and there are 4 key support levels that the index would have to break thru. If we have a significant downside that takes the index below 11,300, then I'll add that possibility back to the chart.
Website: drewby.com
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
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