S&P 500 & Nasdaq Analysis and Trends

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:::: NASDAQ Composite Index Cash Summary Analysis
By: Marty Armstrong | March 3, 2018

Analysis for the Week of March 5, 2018

THE ANALYSIS PERSPECTIVE AS OF THE CLOSE OF Fri. Mar. 2, 2018: NASDAQ Composite Index Cash closed today at 725787 and is trading up about 5.13% for the year from last year's closing of 690339. Thus far, we have been trading down for the past 3 days, while we have made a low at 708483 following the high established Tue. Feb. 27, 2018, this price action warns that we have a pause in trend. However, we have now elected a Bullish Reversal from this immediate price action and closed strong at the end of the session bouncing from the lows. Relying on our Reversal System, our next Weekly Bullish Reversal to watch stands at 827439 while the Weekly Bearish Reversal lies at 677948. This provides a 18% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 867696 while the Bearish Reversal lies at 633458. This, of course, gives us a broader trading range of a 26%.

The last event was a low established during 2016.

A possible change in trend appears due come this month in NASDAQ Composite Index Cash so be focused. Last month produced a low at 663067 and so far, we are trading neutral within last month's trading range of 744109 to 663067. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.

Looking at the near-term level, the market has closed up 63.9% from the last cycle low established during 2016, which has been only a 1 year rally from that event. Turning to the long-term perspective, the market has still closed on the Yearly level up 522.7% from the strategic low established during 2002, which has been a 15 year rally from that key event.

Our Daily level momentum is bearish while the trend indicator is neutral providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend is bullish while the cyclical strength indicator is bearish providing a mixed perspective of the market beyond the short-term.

On the weekly level, the last important high was established the week of January 22nd at 750577, which was up 22 weeks from the low made back during the week of August 21st. We have been generally trading up for the past 3 weeks from the low of the week of February 5th, which has been a move of.1109 percent.

Overall, looking at the weekly level on our models, this market has been in a rising trend. We see here the trend has been moving up for the past 3 weeks. The last weekly level low was 663067, which formed during the week of February 5th, and only a break of 719484 on a closing basis would signal serious correction ahead. The last high on the weekly level was 750577, which was created during the week of January 22nd.

Critical support still underlies this market at 633458 and a break of that level on a monthly closing basis would warn of a sustainable decline ahead becomes possible. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 24 months. The last monthly level low was 420976, which formed during February 2016, and only a break of 692408 on a closing basis would signal serious correction ahead. The last high on the monthly level was 750577, which was created during January. We have generated a buy signal so some caution is required.

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