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Weekly Tech Charts & Report - Nov. 15 - 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 S&P 500 Index is showing that a possible trading range may be developing. A trading range is a battle of the bulls and bears to establish control. The S&P 500 Index may break out of this trading range this week. If it does it will likely continue its bullish course and break to the upside. The one caveat is that continued bad news about the spread of Covid-19 and a vaccine could have the bulls running out the exits again.
The Weekly chart of the S&P 500 Index, which demonstrates the intermediate-term trend of the market, is definitely positive. I have circled the momentum indicator, the PPO; it is positive and looks to be trying to curl up more. This is very bullish. Finally, the price of the S&P 500 Index is showing an index that gapped up last week which is also bullish.
The Weekly Chart of the small caps ($IWM) or Russell 2000 looks very strong. The PPO looks almost perfect. Last week's gap up was explosive. This is the kind of action that the bulls want to see in the markets. With the small caps coming more into play, it shows that the appetite for risk is out there, which is obviously bullish.

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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