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Weekly Tech Charts & Report - Nov. 29 - by TradesAfterWork

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

For the third week in a row, the weekly chart of the Russell 2000 Small Caps (IWM) continues to gap up. I also saw a bid in Mid-Cap Growth stocks this week. You cannot argue with price. The buyers are out there.
The weekly chart of the Nasdaq Composite Index shows the PPO is negative, but still above its zero line, demonstrating some weakness. The Composite is peaking just above the range bound price action that we have seen for the last several weeks. This is good price action, and if this kind of price action follows thru this week, it is possible that the PPO will turn positive above the zero line. This would indicate that the positive momentum has improved, which is good for the bulls.
This weekly chart of Micro-Caps (IWC) continues to climb. Like its bigger brother the small caps, we are now looking at 3 weeks in a row that this index has gapped up. Friday's close also found the price or candle stick closing on a high for the week. Price is King, so this will be our trade for Monday morning.

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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