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Weekly Tech Charts & Report - Jan. 10 - by TradesAfterWork

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

The daily chart of the Nasdaq Composite Index below continues to look bullish with a gap up of price (blue circle) on Friday. The weekly chart of the Composite Index also gapped up. The momentum of the PPO still has not crossed up (red arrow) but the weekly chart of the PPO has crossed up and is above its neutral area. Thus the weekly chart trumps the daily chart.
The S&P 500 Index, like the Composite, also gapped up on Friday and on the weekly chart. The S&P 500 momentum appears to be stronger than the Composite due to the fact that its PPO is already positive and above the zero line or neutral area. Gap ups are indicative that the order flow is full of pent up demand, therefore Market Makers and Designated Market Makers raise the prices before the open.
Even the Dow Jones 30 gapped up on its daily chart Friday and on its weekly chart. That makes a trifecta. It is hard to argue with that. The Dow Jones 30 chart is indicating that the market is showing strength not only in technology but also in the industrials, ie: Johnson & Johnson and Caterpillar. The market continues to climb up.

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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