S&P 500 & Nasdaq Analysis and Trends

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

Analysis for the Week of November 12, 2018

ANALYSIS AS OF THE CLOSE Fri. Nov. 9, 2018: NASDAQ Composite Index Cash closed today at 740690 and is trading up about 7.29% for the year from last year's closing of 690339. Thus far, we have been trading down for the past 2 days, while we have made a low at 734948 following the high established Wed. Nov. 7, 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 on the soft-side at the end of the session failing to bounce sharply from the lows. We did penetrate the previous session's low and closed below that low. Nonetheless, the market remains rather weak. (Note: We have included reference to Reversals and Short-Term timing considerations in this Summary Analysis, but please keep in mind this is a preview only - these references will be removed from Summary Analysis and moved to our higher levels of market analysis upon the upcoming launch of our expanded platform service.)

On a broader cyclical perspective, the view of the future is clearly interesting. and since we have made a new high. This warns that a year-end closing below 690339 would suggest that a correction into the next target due 2022 becomes possible.

During this year, we have exceeded last year's high which formed the new historical major high to date and we have been in a bull market for a very extended period of 44 years. The last major cyclical low took place in 2002 from which we have witnessed a 16 year broader-term rally. On the shorter-term perspective, the last minor cyclical low took place in 2016 from which we have experienced a 2 year rally. This market on the yearly level has been making new highs since the last low established 1 year ago which has been a series of successive advances. The last 4 highs have been progressively making higher highs implying we have a bullish market in motion for the past 0. We have not elected any Bullish Reversals thus far.

Meanwhile, our technical resistance stands at 864342 and it will require a closing above this level to signal a breakout of the upside is unfolding. Applying our Reversal System, our next Weekly Bullish Reversal to watch stands at 745843 while the Weekly Bearish Reversal lies at 708482. This provides a 5.00% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 744200 while the Bearish Reversal lies at 680595. This, of course, gives us a broader trading range of a 8.54%. Immediately, we closed the last session trading at the 740690, which is below this level on a daily closing basis at this moment. We need to close above this on a weekly basis to signal a rally is unfolding.

A possible change in trend appears due come February 2019 in NASDAQ Composite Index Cash so be focused. The last cyclical event was a low established back during October. Normally, this implies that the next turning point should be a reaction high. However, the market has been neutral for right now so caution is advisable and look more closely at the short-term trading levels for a hint of the next directional move into that target time frame. Last month produced a low at 692283 but closed on the weak side and so far, we are trading neutral within last month's trading range of 810738 to 692283. 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.

The overall tone of this market is neutral at this time as it is balanced on all levels daily through yearly..

On the weekly level, the last important high was established the week of August 27th at 813330, which was up 53 weeks from the low made back during the week of August 21st of 2017. We have been generally trading up for the past week from the low of the week of October 29th, which has been a move of.0870%. Nevertheless, we have not elected any Weekly buy signal to date.

At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Honing in on the direction of this trend, we had been moving down for 9 weeks. Subsequently, the market has consolidated for the past session. The last high on the weekly level was 813330, which was created during the week of August 27th. The previous weekly level low was 692283, which formed during the week of October 29th, and only a break of 692283 on a closing basis would warn of a technical near-term change in trend. However, we still remain below key support and key resistance now stands at 760424 above the market.

Critical support still underlies this market at 680595 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. We can see this market has been down for the past month. The last high on the monthly level was 813330, which was created during August. The previous monthly level low was 420976, which formed during February 2016. However, we still remain above key support 680596 on a closing basis.

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