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NASDAQ Composite Index (COMP): Summary Analysis
By: Marty Armstrong | July 6, 2023

NASDAQ Composite Index Cash closed today at 1379165 and is trading up about 31% for the year from last year's settlement of 1046648. The market opened quite weak below the previous session's low 1377341 reaching 1376425 intradaylower making it an outside reversal to the downside as it exceeded the previous high and penetrated the previous low yet closed within that previous trading range. Our projected support for tomorrow's closing lies at 1374678. Therefore, this closed lower and it was weak going into the close.

Clearly, this market is still above the critical support point at this time, which lies at 1360849. Initial support lies at 1371736. This market has exceeded intraday 2 of three projected resistance points and it has closed below 2 others. Our underlying pivot providing some support lies at 1374678. At present, the projected extreme resistance stands at 1393006.

Additionally, our central point cyclical study models also ended in a bearish mode for the closing warning that the upward momentum is subsiding. We did close below the previous session's Intraday Crash Mode support indicator at 1376517 settling at 0 which alerted us to a further decline was likely going into the instant session. The Intraday Crash indicator for the next session will be 1375658. Now since we closed back above this indicator in the current trading session, then holding above this indicator for the next session will imply the decline is subsiding. The Secondary Intraday Crash Mode support lies at 1341026 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...... 0
Previous... 1376517
Tomorrow... 1375658

This market has not closed above the previous cyclical high of 1386406. Obviously, it is pushing against this resistance level.

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 1361853.

On the weekly level, the last important high was established the week of June 12th at 1386406, which was up 13 weeks from the low made back during the week of March 13th. We have seen the market rally thus far reaching this week 1384450.

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 8 months since the low established back in October 2022.

Critical support still underlies this market at 1340400 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.

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