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Weekly Tech Charts & Report - Oct. 11 - by TradesAfterWork

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Via -TradesAfterWork.com
Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).
This daily chart of the Nasdaq Composite Index shows the PPO turning up again. Obviously, that is positive for momentum. Friday's price action in the Composite looks very positive with a gap up in the morning and the price trading above all of its primary moving averages ie: the 12 Day Simple Moving Average, the 21 Day Exponential Moving Average, 50 Day Simple Moving Average and 200 Day Simple Moving Average. The short-term trend of the market has returned to the positive, joining the intermediate and long-term trend of the market.
The S&P 500 Index daily chart below shows that the PPO has improved significantly and now is positive. The S&P is now trading above the 50 Day SMA and the 21 Day EMA, so all pistons are firing with prices above all the major moving averages. The RSI is at 60. This index is confirming that the bulls are in control of this market.
This weekly chart of the S&P 500 Index is the first week out of the last four that the S&P 500 Index that the price has closed above its 10 Week SMA. As you look at this week's weekly candle, you can see what a strong "bullish" candle really looks like. The PPO has now turned positive. The RSI is pointing upward. All 3 of the major moving averages, the Composite, S&P 500 Index and the Dow Jones Industrial 30 are showing their hands, and are saying the market wants to go higher.

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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