Subscribers Special Report Via -TradesAfterWork5/10/2020Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).You are looking at a Daily chart of the S&P 500 Index, the index that is the benchmark for most retirement accounts and 401(k)'s. Most people allocate their retirement accounts to mimic and/or beat this benchmark. What we see below is a lot of good and a little not so good. First, the Percentage Price Oscillator (PPO), which is actually a percentage-based version of the Moving Average Convergence Divergence (MACD) is currently positive and above the zero line which is good. Second, the short term trend is positive, as you can see since the March 23rd bottom. Finally, the Relative Strength (RSI) and Stochastics are both over 50%. I think that is beautiful. What is not so good? First, the 50 Day SMA is still below all the major moving averages; the 12 Day SMA, 21 Day EMA and the 200 Day SMA, creating a "Death Cross". Second, the S&P 500 Index prices are still trading below the 200 Day SMA. The 200 Day SMA is what indicates the Long term trend of a stock or index. We have to be trading above that moving average in order to make real progress. Generally, the 200 Day SMA is where you find quite a bit of resistance from the bears.The weekly chart of the S&P 500 Index shows us a bigger or intermediate picture of what the S&P 500 Index faces over the next week or two. This time the MACD, which is a momentum indicator, it is currently negative but is close to crossing which is good. It would be better, though, to have that positive cross above the zero line. The "Death Cross" is still in play, but it does look like the 10 Week simple moving average is trying to flatten out. What the market needs is for the 10 Week SMA to curl up and start the S&P 500 Index's prices trading above the 40 Week SMA again. The RSI is currently at 49.79%; that is close to but not in the "must area" of 50% or above. If the short term trend of the S&P Index, as shown above, continues to improve, this chart should naturally take care of itself leading us from a positive short term trend to a positive intermediate term trend in the market.The market is on Defense. The market action might say otherwise. Maybe it's more correct to say that the New York Stock Exchange is on defense, meaning that there are more sellers, O's, than buyers, X"s, in the NYSE. Should this be a concern? It depends on what you do with that information. We base our strategy on following the trend. We've learned that, at least short term, the term is positive. Also, when making stock choices you can recognize that the stronger index is the Nasdaq Composite Index and hope that the weakness in the NYSE does not bleed over to the Nasdaq Composite Index.With the volatility that we've had it's possible that the NYSE Bullish Percent Index will reverse back into a column of X's in a short time. The reality is, though, that when the NYSE Bullish Percent Index is in a column of O's or defense, it means that those in the market, including in the Dow Jones Industrial 30, the S&P 500 and even the Nasdaq Composite Index should realize that the risk is higher than the previous week.Below is the big daddy of the indexes, the Nasdaq Composite. The index is above the 9000 level. Now it will have to stay above that pivotal psychological area. It would not be unusual to drop back below it soon, but the longer the index can stay above the 9000, the stronger the support the bulls will have built and the more control they will have.The Nasdaq is now back to even for the year but, it still has about another 9.45% before we are back to it's February highs. Normally I would say that would take some time. There are many who bought at that record high level and who are waiting to get out when the index gets back there. That's called overhead supply and it is real. If history is any clue and this is truly a "bear market rally" even the Nasdaq Composite Index may find it difficult to break the previous high and stay there. But, with the market on steroids including the economic package and financial stimulus, it may take that resistance out in a short time. Either way, the market is going to do what it wants to do. Stay tuned.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 - https://twitter.com/BERNARDCLAY9!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");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. . Want to trade some of these stocks?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. .