The Greedy Trader Weekly Analysis
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- 9/15/2023 -
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Nasdaq (^IXIC) Technical Analysis

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Summary:
Weekly :Broken trend resistance line
Daily :Broken trend support lineDaily  MACD line has moved below its signal line
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It was the negative week for the Nasdaq (^IXIC). During the week, the ^IXIC gave back -53.20 points, or -0.39%, and closed at 13708.33 on Friday, September 15, 2023. Weekly volume was 11% above average.

Long-term trend: [See ^IXIC long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 16212.23 and reached 10088.83 on October 13, 2022. ^IXIC lost 6123.40 points, or 37.77%, in 46 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (8747.03) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See ^IXIC medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 10088.83 and reached 14446.55 on July 19, 2023. ^IXIC gained -4357.72 points, or -43.19%, in 39 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 10615.86 and resistance is at 15242.98. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since August 18, 2023. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See ^IXIC short-term trend chart]
A short-term uptrend had started on August 18, 2023 at 13161.76 and reached 14149.62 on September 1, 2023. ^IXIC gained -987.86 points, or -7.51%, in 14 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (13806.31) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.

Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.16
Williams' Percentage Range (W%R) 26.40
Lane's Stochastic (%D-Slow) 37.11
Greed/Fear Indicator (GFI) 54.97
Moving Average Converg./Diverg. (MACD) 15.10
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.67
Williams' Percentage Range (W%R) 21.00
Lane's Stochastic (%D-Slow) 42.87
Greed/Fear Indicator (GFI) 57.81
Moving Average Converg./Diverg. (MACD) 534.27
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 15242.98
Upper Bollinger Band 14226.29
Monthly Trendline Resistance 14066.01
Parabolic System 14059.02
Weekly Trendline Resistance 13969.44
50 Day Moving Average 13880.87
Weekly Trendline Support 13806.31
20 Day Moving Average 13767.41
Daily Stochastic Crossing 13760.43
Weekly Stochastic Crossing 13731.75
Price 13708.33
Lower Bollinger Band 13395.41
Monthly Trendline Support 12326.39
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 14149.62
High Date 09/01/2023
Low 13642.47
Low Date 09/07/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 13969.44
Support 13806.31
Low 13161.76
Low Date 08/18/2023
High 14149.62
High Date 09/01/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 14066.01
Support 12326.39
High 14446.55
High Date 07/19/2023
Low 13161.76
Low Date 08/18/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 15242.98
Support 10615.86
Low 10088.83
Low Date 10/13/2022
High 14446.55
High Date 07/19/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 8675.79
Support 8747.03
High 16212.23
High Date 11/22/2021
Low 10088.83
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.