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Weekly Tech Charts & Report - August 30 - by TradesAfterWork

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Via -TradesAfterWork

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

It is the end of the month, which means that we can take a look at the long-term trend of the markets. Yes, Monday is truly the end of the month but we are close enough to determine how things are looking. The chart of the Nasdaq Composite Index below is one beautiful chart. The long-term trend is so strong that the Composite has pulled some 28% away from its 12 Month Moving Average. This bullish action will probably continue until at least November 3rd.
The S&P 500 Index has finally joined the Composite with its price action. The monthly PPO has crossed and is now positive, which is huge. The price action continues to get stronger. What's not to like?
The Dow Jones 30 monthly prices have just closed above its 12 Month Simple Moving Average for the first time since the break in the market in February. This is very bullish intermediate to possibly long-term action, provided it can get the PPO to cross up and stay positive.

Lastly we are looking at IWM, which is the Russell 2000 or small caps. The price action has improved here, too. This month is the first time that its prices are closing above its 12 Month SMA. Although the positive momentum has improved, the PPO has not crossed to positive yet.
Learn more about them here -
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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