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Weekly Tech Charts & Report - Sept. 6 - by TradesAfterWork

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Via -TradesAfterWork

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 shows that, with the selling this week, we broke through the psychological round number of 12000. Notice, though, how the Index has bounced off of the 50 Day SMA. Typically the large institutions, ie banks, brokerage houses, hedge funds and mutual fund managers will tend to buy shares in this area. I would be surprised if they didn't. The Composite pulled back the most this week largely because it has led the market in performance since its March 23rd low.
The S&P 500 Index closed above its 21 Day EMA this week. Hopefully it will bounce here and not pullback to the 50 Day SMA. If the Composite follows thru on its bounce, then it is more likely that the S&P 500 Index will be pulled up with it, and there would be no need to visit the 50 Day SMA on this pullback.
The daily chart of the Dow Jones 30 also shows prices above the 21 Day EMA, and it looks like the index has bounced off of the 21 Day EMA. Like the S&P 500 Index, this index will hopefully not visit the 50 Day SMA. A lot will depend on the price performance or bounce that the Nasdaq Composite Index may give us.
Our stock pick for tomorrow is Zoom Video (ZM). What I like about the stock is that, when it comes to the stock market, it has some of the strongest performance on price relative strength. This recent pullback has also been on lighter volume. The price will activate at $386.21

If you have any questions or I can be of any assistance please don't hesitate to contact me.
Take Care!

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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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