ubscribers Special Report Via -TradesAfterWorkPosting this to share with our readers: (We really like these Weekly Technical Briefs by TaW). The weekly chart of the Nasdaq Composite is for the most part a bull's delight. The Index momentum reflected in the Percentage Price Oscillator (PPO) is about as good as it can get, showing that the intermediate term momentum of the Composite still looks strong. I circled and magnified the weekly candlesticks because we closed last Friday on a bullish engulfing candlestick. As the name implies that is bullish action. The engulfing pattern is formed after a downtrend. It opens lower than the previous week's close and closes higher than the previous week's open. Thus the, white candle completely engulfs the previous week's red candlestick. Note also that the 10 week moving average is trading above the longer 40 week moving average. That's how an index or stock should trend up. We see similar action on the daily chart of the Composite, with all of the daily major moving averages working in harmony and trending in their proper direction and places. We see the 12 Day SMA above all the longer moving averages. The shorter moving averages should ultimately be trending above their longer moving averages; that reflects that the current upward trend has been in effect for short, intermediate and longer terms. That kind of action is much more sustainable than just the short term moving averages trending up and the other moving averages either moving sideways or down. The PPO on the daily Composite has crossed down but is still above its zero line. This reflects some of the recent short term selling and slowing in daily momentum that we have seen over the previous week. The S&P 500 Index chart is showing that its PPO has crossed down, although still above the zero line again reflecting daily slowing in momentum. The S&P 500 Index is weaker than the Composite and has been battling to stay above its short term 12 Day SMA. If you look at this chart you can see that we are still below the 12 Day SMA, along with a tightening or sideways action in the prices last week. Hopefully this action will be healthy and we will stay very close or above the 12 day SMA. In a short amount of time this could be just what the index needs in order to rewind and resume its upward trend. Notice that the 200 Day SMA, which sits at 3018, is above the 50 Day SMA at 2951. This will need to change because the shorter term trend moving average of the 50 Day SMA is still trading below its longer term 200 Day SMA. The bulls are still in charge, though. Wheaton Precious Metals ($WPM) is our stock pick for tomorrow morning. WPM is a Canadian buyer of purchase agreements for silver and gold from mining companies. Gold/Silver Mining can be volatile, so please keep that in mind when you look at this trade. The PPO is just trying to turn up and the RSI just broke above 50. I usually prefer the PPO to be positive, but the PPO looks pretty dynamic and I like the price action with Friday's close on a beautiful large candle. WPM can be bought at $42.15. Place your stop around -5% below your buy price.If you have any questions or I can be of any assistance please don't hesitate to contact me.Take Care! Learn more about them here - TradesAfterWork.com 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. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? Many traders have the skills and nerves to trade, but not the upfront capital. Well now that problem is solved!Try2BeFunded has expanded its trading program! If you're a novice or experienced trader, you can earn access to a trading account with up to $100,000! To learn more about how to qualify, click HERE and give it a shot! You have nothing to lose it is free to try. Give Try2BeFunded a try! .