Taking a quick view at the broader US market indices S&P500, NASDAQ-100 index and the Hausse index.
S&P500, Close: 2 682.63 (+41.38), Oct 30, 2018
S&P500 Index developed positively on Tuesday, and gained 1.57 per cent to a close at 2683 points.
437 shares gained and 55 shares showed losses. None of the shares were unchanged and closed at the same price as the previous day. There was no trading in 10 shares.
Total value of the trading volume for shares and primary capital certificates on Tuesday was approximately 238.8 billion
Technical analysis (medium term):
S&P500 index has broken down through the rising trend channel. Earlier in July this year, the index gave a buy signal from a clear rectangle formation. And one cannot complain as it almost, yes almost, reached its target of 2992. It started to reverse after establishing its highest close ever at 2931.
The index has now broken its crucial support of 2700, but is still holding over 2580 in the medium term. This gives us some hope for the time being. But a sell signal will be initiated if the S&P500 closes below 2580.
On the other hand, for the optimistic investors and traders, one must wait for the short term downtrend to reverse, and that seems to be possible if the index manages to close above 2820 and eventually 2870 points, which we suppose is not going to happen overnight. So we must sit and watch while our patience is being tested.
The index is assessed as technically slightly negative for the medium term.
Investtech's outlook (one to six months): Weak Negative
Nasdaq-100 Index, Close: 6 810.12 (+96.22), Oct 30, 2018
Nasdaq-100 Index developed positively Tuesday, and gained 1.43 per cent to a close of 6810 points.
87 shares showed a gain and 16 showed a loss. 0 shares were unchanged and closed at the same price as the previous day. There was no trading in 1 share.
The value of the total volume of shares and primary capital certificates traded Tuesday was approximately 99.6 billion.
Technical analysis (medium term):
Looking at Nasdaq, it does not project a very unique picture from the S&P500 index.
It gave an early sell signal from a very small double top formation, which certainly turned out to…
