Signs Of A Nasdaq Bull
Christopher Grosvenor, CMT | Aug 31, 2012 10:50AM ET
This morning's Nasdaq-100 futures contract was in a range between the support zone at $2,750 and the high at $2,790, then went on to jump with the rest of the market, rising nearly three quarter's of a point to 3070.74 in monrning trade.
Bonds And Crude
Bonds continue to trade higher after breaking out of a triple bottom: The advance is bearish for equities. Currently, the 30yr U.S. T-Bond is between $149 and $151. Crude oil is declining, lower lows and lower highs, and is trading near $95.50. Crude may be in the process of forming a bottom: confirmation of the bottom is required.
Trendlines And Moving Average
As of writing, the Nasdaq-100 was trading above its flattening 50-hour simple moving average.
Momentum
The 12-hour rate of change indicator is rising and above equilibrium: that suggests the price is above where it was 12 hour ago and the difference is increasing. The 24-hour rate of change indicator is rising and above equilibrium. The 14-hour RSI is rising and may be giving the first signs of a bull market. The 14-hour stochastic indicator is in the overbought zone and is signaling a bull market. The 14-period ADX is rising which suggests the market is trending. The market is above the parabolic SAR, a sign that the trend is towards higher prices.
Dow Jones industrial average And S&P 500
Both averages are confirming the rise in the Nasdaq-100 and are bouncing off the support zone.
Stop Loss Level
The protective stop loss level is $2,575: That level represents the worst case loss level and trades may be exited prior to the market reaching that level.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.