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Weekly Tech Charts & Report - Sept. 20 - 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 a daily chart of the Nasdaq Composite Index. As you can see, the Composite is below all of its moving averages except the 200 Day SMA. The Index closed down on high volume last Friday and the RSI is below 50. This chart shows that the Composite continues to weaken.
The daily chart of the S&P 500 Index below looks very similar to the Composite Index above. That indicates that this weakness is not just limited to technology, but is broader. Therefore, many 401(k) accounts are no doubt reflecting some of this weakness. This weakness is still short term in nature.
The weekly chart of the Nasdaq Composite Index, which reflects the intermediate term trend, is demonstrating that the intermediate and longer term trends of the market are still positive. However, the shorter term trend of the market is negative. This is now 2 weeks in a row that the Composite prices have closed below its 10 Week Moving Average. For now this isn't anything to be alarmed about, but you can't continue to have this kind of price action for several weeks without a change in the immediate term trend to negative.

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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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