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Weekly Tech Charts & Report - August 16 - by TradesAfterWork

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Via -TradesAfterWork

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

You are looking at a daily chart of the small caps, or Russell 2000, represented by the symbol IWM. ($IWM) Last week I stated, "Typically, once that 50 Day SMA is above that 200 Day SMA, we are on the right rails and in harmony with the market." Well, that happened this past week. What this tells us is that the small caps along with "Risk On" trade is still relevant. Generally that would be considered good for the market. The Bulls continue to buy stocks even in the face of Covid-19 and the many Geo-political uncertainties that currently exist.
The Dow Jones 30 ($DIA) continues to firm up with good price action. The index is building some sideways price action again. This may be just what the index needs to get up to 29398, its previous high from last February. The sideways action or basing is healthy. It is a fairly even tug of war between the bulls and the bears that normally ends up with the previous trend continuing. That previous trend is up.
The S&P 500 Index ($SPY) chart below shows how this index is very close to breaking out or breaking down from its previous highs in February this year. The S&P 500 Index is now above its short term base and came just 6 points away from its previous high in February. I would not be surprised to see the index break above its previous highs and add more fuel to this bull rally.
Our stock pick for tomorrow morning is FDX. $FDX or FedEx is in the Transportation/Delivery services. The chart below shows that FDX has had higher volume as of recent. This can be a good sign that institutions are buying stock. FDX can be bought at the activate price of $209.84.

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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