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Weekly Tech Charts & Report - Sept. 13 - by TradesAfterWork

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Via -TradesAfterWork

Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).
Here is the weekly chart of the Nasdaq Composite Index. We can see that the weekly prices of the Composite Index have gone below its 10 week SMA for the first time since it began it climb from lows on March 23rd. The candle at the close of last week indicates that we may have more weakness and selling in this market, at least on a short term basis.
The daily chart of the S&P 500 Index shows that prices have continued to close just above the 50 Day SMA. This chart looks healthier than the Composite chart above. Although stochastics are at 13.92 the S&P 500 Index will likely break its 50 Day SMA if the Composite does not perk up.
The weekly chart of the Small Caps/Russell 2000 is shown here with the ETF IWM. It has also broken below its 10 week SMA for the first time since the February/March correction. This is showing that the appetite for risk is lessening some. Likely the market is not done with this pullback.
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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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