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Weekly Tech Charts & Report - Oct. 18 - by TradesAfterWork

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Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).
This daily chart of the Nasdaq Composite Index shows an index that may have found some support near the 12 Day Exponential Moving Average. I say may because the Composite price on Thursday did not quite touch it. Sometimes close is enough; will it be this time? We shall see. What we do know is that the short-term trend of the market is positive. The intermediate and long-term trends of the market are positive, too. All in all, if you're on offense, you're on the right side of the market.
The S&P 500 Index daily chart below shows an index that did bounce off of its 12 Day EMA. If you look at Friday's candlestick or price you can see that, even though the S&P 500 Index closed on weak price action, it closed above the Index's Thursday close. That is the kind of price action you want to see on a reversal day, which is what the S&P had on Friday.
This weekly chart of the Nasdaq Composite Index is showing an index where the PPO (circled in red) is very close to turning positive. This reflects good for the Composite's positive momentum. It is likely more important, though, that the weekly price or candlestick finished up above last week's very strong bullish candle or price. The bulls are still in charge.

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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