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Weekly Tech Charts & Report - Jan. 17 - 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 Nasdaq Composite Index below continues to look bullish. The Composite pulled back for the week and continues to be overbought The line of least resistance is to go higher, with the intermediate term trend of the market still positive.
The S&P 500 Index was also down for the week, but its price is still above its 10 week simple moving average. We could see some selling this week with the run the market has had since last March. To be on the right side of the market we follow the trend of the market, which is up.
Among the major indexes the Dow Jones 30 Industrials continues to lag, but it also is still headed north. As a whole the market is positive in its short, intermediate and long-term trends. That doesn't mean we will not have pullbacks and some volatility.

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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