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Weekly Tech Charts & Report - Dec. 6 - by TradesAfterWork

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Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW)

The weekly chart of the small caps Russell 2000 (IWM) below speaks loudly that the bulls are indeed in control. As you can see, this index hit a new time high and is a good indication that there are more bulls out there than bears.
Last week I stated "it is possible that the PPO will turn positive above the zero line. This would indicate that the positive momentum has improved, which is good for the bulls." The weekly chart of the Nasdaq Composite Index now shows the PPO is positive, along with hitting all time new price highs. This is also a concern for the bears.
This weekly chart of the S&P 500 Index is showing the index breaking out to all time new highs, too. With all 3 major indexes breaking to new highs, the market is running on all pistons. It's a good time to be a bull.

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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