S&P 500 & Nasdaq Analysis and Trends

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NASDAQ Composite Index Cash Summary Analysis
By: Marty Armstrong | March 10, 2018

Analysis for the Week of March 12, 2018

WRITTEN VIEW PER THE CLOSE OF Fri. Mar. 9, 2018: NASDAQ Composite Index Cash closed today at 756081 and is trading up about 9.52% for the year from last year's closing of 690339. So far, we have been trading up for the past 5 days since the reaction low made on Fri. Mar. 2, 2018, but the key low was made 20 days ago on Fri. Feb. 9, 2018 at 663067. Utilizing our Reversal System, our next Weekly Bullish Reversal to watch stands at 801011 while the Weekly Bearish Reversal lies at 711151. This provides a 11% 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 have exceeded last month's high. We now need to close above 744109 at month-end to imply a technical reversal of trend to the upside for now.

Regarding 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. Nonetheless, 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.

The Daily level of this market is currently in a full bullish immediate tone with support at 735007. To date, this decline has been down for five daily sessions.

On the weekly level, the last important high was established the week of March 5th at 756081, which was up 28 weeks from the low made back during the week of August 21st. So far, this week is trading within last week's range of 756081 to 720531. Nevertheless, the market is still trading upward more toward resistance than support. A closing beneath last week's low would be a technical signal for a correction to retest support.

This market has made a new historical high this past week reaching 756081. Here the market is trading positive gravitating more toward resistance than support. We have technical support lying at 731385 which we are still currently trading above for now.

Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 10 weeks overall.

Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 4 weeks. The last weekly level low was 663067, which formed during the week of February 5th, and only a break of 708483 on a closing basis would signal serious correction ahead. The last high on the weekly level was 756081, which was created during the week of March 5th, and has now been exceeded in the recent rally.

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. Nevertheless, the market is trading above last month's high showing some strength. 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, and has now been exceeded in the recent rally. We have generated a buy signal so some caution is required.

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