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Weekly Tech Charts & Report - Nov. 22 - by TradesAfterWork

Subscribers Special Report

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

The Weekly chart of the Russell 2000 ($IWM), which represents small caps, is continuing to give this market a bid. IWM was up +2.31% showing there is still some appetite for risk out there even though the S&P 500 Index and Dow Jones 30 were down for the week. It would seem that money would be leaning more toward the big caps, but this IWM chart looks strong, at least on a short term trend basis. IWM gapped up 2 weeks ago, as you can see in the box below and so far has not looked back.
The Weekly chart of the Nasdaq Composite Index, below, was also up this week but only +0.22%. The PPO is negative, but above its zero line, which demonstrates the weakness and the starts and stops that we have been seeing in the index. The Composite seems to be range bound to some extent, but with the market in a bullish stance we have to give the advantage to the bulls in this tug of war.
This Weekly Chart of Micro-Caps ($IWC) is the first time that we have seen this particular segment of the market appear in our Subscribers Special Report. Micro-Caps are stocks with a market capital from $50 to $300 million. IWC was up +3.19% last week, which seems to indicate that some of the rotation into the higher risk stocks that we have been seeing is for real. Just like IWM, IWC also gapped up in the last 2 weeks (blue circle), but IWC's chart looks even stronger. Is the risk on trade here to stay? We shall see.

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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