Are NASDAQ New All Time Highs Sustainable On This Lower Trading Volume?

Are NASDAQ New All Time Highs Sustainable On This Lower Trading Volume?

Typically, as stocks head higher and higher, your best analysts would like to see an increase in volume as a kind of confirmation. Transport Canada looks set to be the first non-US regulator to conduct test flights on the grounded jet.
– The tests are said be being conducted at Boeing’s facilities in Washington (State)
Reports via Reuters citing unnamed sources. 
By Eamonn Sheridan While many in the agricultural industry have been devastated because of the closing of farmers markets during the pandemic, one local woman decided to come…

Brooklyn, NYC-July 21, 2018: Close-up of a pile of United States paper currency on a black … [+] countertop with $100 bIlls visible on top.

The widely followed technology indices this week hit new all time highs and the headline news came on lower trading volume. That’s a divergent look on the price charts. Typically, as stocks head higher and higher, your best analysts would like to see an increase in volume as a kind of confirmation.

No such luck on this move. Not only is volume lacking this time around, certain price chart indicators are also showing a lessening of enthusiasm. It’s not necessarily saying that the move higher can’t continue — it can. Investors feeling bullish might want to consider these charts, that’s all.

The full NASDAQ Composite daily price action:

NASDAQ Composite daily price chart, 8 20 20.

The price continues up and away, but since late June, the volume just keeps diminishing. The relative strength indicator (RSI), above the price chart, is lower now than it was at the early summer peak. The moving average convergence/divergence indicator (MACD), below the price chart, is steadily lower than it was back in June.

NASDAQ-100 daily price chart.

Meantime, volume’s been drying up since the beginning of June. Also, upward price action is being accompanied by a downward relative strength indicator and a downward moving average convergence/divergence indicator.

The Standard & Poor’s 500 daily price chart:

S&P 500 daily price chart, 8 20 20.

It’s hard to complain about new highs on the S&P — but it’s a shame to see that the evaporation of real volume is a part of the deal. It seems like the relative strength indicator could have gone up along with the price action, but no. Same thing with the moving average convergence/divergence measure.

The Dow Jones Industrial Average has a daily price chart that looks like this:

Dow Jones Industrial Average daily price chart, 8 20 20.

Believe it or not, some of us still take time to examine how Charles Dow’s index of America’s 30 big industrial companies are doing. The measure is higher now than in June but has failed to find the energy to put in a new all time high.

It’s weak as well that a drop-off in volume comes along with that slightly higher (than June) high. Both the moving average convergence/divergence indicator and the relative strength indicator are showing negative divergences to the price action.

Amazon daily price chart, 8 20 20.

Although the NASDAQ Composite and the NASDAQ-100 hit higher highs this week, Amazon couldn’t quite make it above the early July blast upward. Take a look at the decrease in volume seen at the bottom of the price chart. Both RSI and MACD technical indicators are showing definite downward slants.

Tesla daily price chart, 8 20 20.

Included in this examination of price action because it gets so many mentions in the financial media. The hot stock is showing the same negative divergences seen on the big indexes.

The main thing here is the drying up of volume: you can see how it peaked with the early July high and has diminished substantially even as Tesla made it up to higher highs by mid-August.

Add to that how the relative strength indicator and the moving average convergence/divergence indicator are both headed downward as price hits higher highs.

Some seasonality experts might argue that August is just a slow month for trading to begin with and they may be right. Nonetheless, it’s probably good for investors and traders to consider what these price charts might be saying.

I do not hold positions in these investments. No recommendations are made one way or the other.  If you’re an investor, you’d want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.


Author: John Navin

Canada to conduct flight test for Boeing 737 MAX next week

Canada to conduct flight test for Boeing 737 MAX next week

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A new farmers market has started in Toano to address needs during pandemic

A new farmers market has started in Toano to address needs during pandemic

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While many in the agricultural industry have been devastated because of the closing of farmers markets during the pandemic, one local woman decided to come up with a solution.

For years Maureen Anderson, owner of Tasha’s Own Goat’s Milk Soap, typically sold most of her products at the Williamsburg Farmers Market and other similar markets each weekend. 

Anderson was in her daughter Ainslie Martin’s kitchen when she received the news the Williamsburg Farmers Market would have to close because of the pandemic. She and her daughter, who owns the Virginia Bread Company and regularly sells at the market, looked around at a kitchen full of bread not knowing what to do.

But Anderson quickly leapt into action.

“[My daughter] was dismayed because the income from that product was going to be lost,” she said. “So I just said, ‘let’s tell people to come over to [my] farm in the morning and they can have a tiny farmer’s market.”

Anderson realized her property in Toano would be the perfect place for an impromptu mini farmers market in the midst of a pandemic because it provided enough space for vendors to spread out tables and for people to drive through in cars if they wanted to.

And only a day after the Williamsburg Farmer’s Market closed, Anderson, her daughter and their friend Mike Krueth were able to set up a few tables and create social distancing for people to come and shop.

Krueth, who owns Traditional Agriculture, jumped at the opportunity to participate because the Williamsburg Farmers Market was his main source of income. But while Krueth has been selling products there for years, he also experienced a level of anxiety at closing because he only recently bought his own farming property in New Kent in February. 

“It’s definitely been a challenge,” Krueth said. “I was a little nervous because [the Williamsburg Farmers Market] is the main area that I sold my products…so we had to find a way to build something entirely from scratch.”

At the first Toano Open Air Market on March 14, the three vendors set up tables in a circle about 20-feet apart from each other. Anderson said there were a decent amount of people that came out, even considering a 10-person limit that was placed on the market in connection with Gov. Ralph Northam’s orders at the time.

Since then the market has grown to include 12 to 15 vendors each week that sell to customers through online pre-order arrangements, touchless interactions and curbside pick-up. Anderson and her family will even sell products for vendors, with all the profits given toward the vendor, in order to limit the amount of people on the property at one time.

While the market still remains relatively small, Anderson said it’s provided an outlet for those in the agricultural industry who were left with fields and storerooms full of products and no way to sell them.

“All of us live month-to-month really,” she said. “A lot of people don’t realize that a farmers market is fun but agricultural people depend on them.”

While the Williamsburg Farmers Market has reopened, Anderson and Kreuth said it is still difficult to sell products there because of the social distancing regulations and capacity limits. The smaller Toano Farmers Market has continued to be a source of relief for many locals in the agricultural industry because Anderson’s property allows for a more wide-spread setup.

Another benefit, Krueth said, was that the property was beautiful because of its old farm house, the wide lawn and the goats and chickens that dot the view.

Anderson said the market also provides comfort for vulnerable people, such as the elderly, because there is so much space to spread out and shop. The market has also become popular with families, who can bring their children to see Anderson’s goats from a distance.

“So we really amassed regulars that started coming and enjoying the market and what we had for sale,” Anderson said. “What it provided was a family safe shopping atmosphere and people could still be really far apart.” 

Anderson and her industry friends want to continue growing the market and make it a place where families can feel comfortable and safe while also having a little bit of fun.

“Farmers are dependent not only on the weather for growing things, but on those four hours at the market,” she said. “Creative solutions are a no-brainer because we have to pay our bills. So my goal is just to provide a less populated option for people to come through and shop in safety.”

To learn more, visit the Toano Farmers Market online.


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    Are NASDAQ New All Time Highs Sustainable On This Lower Trading Volume?

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