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Weekly Tech Charts & Report - August 9 - by TradesAfterWork

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Via -TradesAfterWork

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

You are looking at a daily chart of the small caps, or Russell 2000 represented by the symbol IWM. The reason I put this chart first is that the small caps had a blockbuster week being up near +6.00%. Are you kidding? That is incredible performance. It also looks like the chart is really firming up with the 50 Day Simple Moving Average heading north and just below the 200 Day SMA. Typically, once that 50 Day SMA is above that 200 Day SMA, we are on the right rails and in harmony with the market. IWM still has those initial highs that we had back in mid-January to overcome.
The S&P 500 Index chart below shows how this index is very close to previous highs, just like IWM. It will be interesting to see if the S&P 500 Index begins to get some real traction once it breaks above the previous overhead resistance. At this point there is nothing wrong with this chart or for that matter with the market overall. The real key will be what happens after the elections. Bulls are in charge for now.
The Dow Jones 30 is really coming along with a recent break above a small consolidation. As I have mentioned, the Dow Jones 30 has, for the most part, been the laggard of the 3 major indices this year. But it again changed character this week by beating out the Nasdaq Composite Index and the S&P 500 Index with its performance. The Dow is still trying to work past the damage that was done this past February and March, but it is showing that it wants to play ball. The chart below (#1) shows the break above its smaller base last week and (#2) the previous high that we will need to get past.
Our stock pick for tomorrow morning is an ETF ($IWM). This is a play on the Russell 2000 Index made up of small cap stocks. The chart below shows that IWM has broken out of a base, just like the Dow Jones 30. Since IWM is an index of smaller companies, this trade has a higher beta or risk. IWM can be bought at the Activate Price of $156.45.
If you have any questions or I can be of any assistance please don't hesitate to contact me.
Take Care!

If you have any questions or I can be of any assistance please don't hesitate to contact me.
Take Care!

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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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