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Summary Analysis for NASDAQ Composite Index (COMP)
By: Marty Armstrong | June 8, 2023

NASDAQ Composite Index Cash closed today at 1310490 and is trading up about 25% for the year from last year's settlement of 1046648. This market made a new high today after the previous trading day. The market opened higher and closed lower making it an outside reversal to the downside warning that a further decline is possible. Our projected support for tomorrow's closing lies at 1303391. Therefore, the closing below the previous low creates an outside reversal to the downside which was a very dramatic swing of 2.03%. Volatility notwithstanding, the market finished on the weak side. At present, the market remains bearish on the momentum indicator yet still positive on our short-term trend indicator while the long-term trend and cyclical strength are bullish. This market is also trading above the bank of eight moving average indicators also suggesting it is still above underlying support at this moment.

The Intraday Crash Mode support lies at 1311725 which is above today's low. During the last session, we did close above the previous session's Intraday Crash Mode support indicator at 1323882 settling at 1327642 which alerted us to a further potential rally was likely going into the instant session.

The immediate Crash Mode support for this current session was 1320287 which we still closed below implying continued crash remains possible. The Intraday Crash indicator for the next session will be 1311725. Normally, when you open back above this pivot number or closed back above it then the sell-off is subsiding. So, watch this number which is dynamic for it changes with each session. The Secondary Intraday Crash Mode support lies at 1255413 which we are trading above at this time. A breach of this level with a closing below will signal that a sharp decline is possible.

Intraday Projected Crash Mode Points
Today...... 1320287
Previous... 1323882
Tomorrow... 1311725

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The historical perspective in the NASDAQ Composite Index Cash included a rally from 2009 moving into a major high for 2021, the market has been in a bearish trend since the high moving into the low in 2022 for a declining trend during that year. The last Yearly Reversal to be elected was a Bullish at the close of 2022. However, the market has been unable to exceed that level intraday since then.

This market remains in a positive position on the weekly to yearly levels of our indicating models. Nevertheless, it closed last year on the weak side down from 2021. Pay attention to the Monthly level for any serious change in long-term trend ahead.

The perspective using the indicating ranges on the Daily level in the NASDAQ Composite Index Cash, this market remains moderately bullish currently with underlying support beginning at 1300191 and overhead resistance forming above at 1314183. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of May 29th at 1325621, which was up 11 weeks from the low made back during the week of March 13th. So far, this week is has moved to the upside exceeding last week's high of 1325621 reaching 1336190. A closing above last week's high would be a technical signal that the advance is still in motion just yet. This makes the current rally 6 weeks to date. .

The broader perspective, this current rally into the week of May 29th reaching 1325621 has exceeded the previous high of 1224543 made back during the week of April 17th. 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 11 weeks overall.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are declining at this time with the previous high made 2021 while the last low formed on 2022. However, this market has rallied in price with the last cyclical high formed on 2021 and thus we have a divergence warning that this market is starting to run out of strength on the upside.

Interestingly, the NASDAQ Composite Index Cash has been in a bullish phase for the past 7 months since the low established back in October 2022.

Critical support still underlies this market at 1239704 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.

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