Subscribers Special Report Via -TradesAfterWork5/10/2020Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).The Nasdaq Composite Index continues to hold up the best of all the major stock indexes. There really isn't anything not to like about it. The Percentage Price Oscillator (PPO) is the only thing that would make me take a second look at the chart, and as I mentioned before you can expect some slowing on momentum after we had those 2 strong down days last week. I believe that the PPO is still fine at this juncture. What about Stochastics? Personally, I look at Stochastics after I have viewed the other indicators; I don't usually give it as much weight in my decision making. However, in the picture below it is still above the 50% area and although it has not crossed up yet, it looks like it may be on its way there. In our fourth chart below I will dig in a little deeper into the Nasdaq Composite Index by looking at the QQQ.The weekly chart of the S&P 500 Index has actually weakened since last week. Even though the Moving Average Convergence Divergence (MACD) has improved some and appears to being trying to cross, which is positive, you will note that is still below the zero line. The 10 Week Moving Average which looked liked it was beginning to flatten last week, appears to be pointing more south now. This may all be a reaction to the two strong down days last week, but all we can do is read the chart. The Relative Strength Index (RSI) is now at 47.46%; that's lower than last week and still below the 50% level. Nevertheless the positive short term trend has not changed. It seems as though we may be in the "pause that refreshes" which would be good for the index and market. It is possible we could begin to see some sideways action, particularly if we can't get above that 40 Week Simple Moving Average and eliminate that "death cross", that is the 10 Week SMA crossing below the longer term 40 Week SMA.This week will really be interesting because all of the major point & figure charts of the bullish percent indexes that I follow are all in O's. Usually with all of the major bullish percentage indexes in O's (supply or sellers) that does not bode well for the market. It means that all the markets are on Defense. Again, this is a risk indicator and just because all of these bullish percentage indexes are in O's doesn't mean the market will crash. But, it does mean that in all of the major bullish percent indexes there are more sellers in the P&F charts than demand or buyers. The P&F chart cannot continue this way for long without effecting the shorter term trend of the market. It is like a potential watershed moment that begins with a drip and ends with a wall of water. This drip might be dammed up with new buyers coming into the the market this next week or two. At a minimum it is good to know that the risk in the market has increased greatly.Below is a Point & Figure chart of the Nasdaq 100 or the QQQ. This chart is important because the Nasdaq 100 are the largest 100 non-financial stocks in the Nasdaq Composite Index. In short, the Nasdaq 100 is primarily made up of large technology companies. You will notice that the Nasdaq 100 (QQQ is its ETF Symbol) is in column of O's which means that supply or sellers are in control at this time so the risk is high. The Nasdaq 100 is on defense. Also, notice that every time that buyers or X's have taken control the buyers have not been able to reach as high on the chart, with more buyers, as they were previously. Conversely, when the sellers or O's are in control they have been able to create more sell signals resulting in lower lows. Therefore, this index is showing lower highs and lower lows. This is very important to be aware of, since the strongest index is currently the Nasdaq Composite Index. The Nasdaq 100 has the same top 10 holdings as the Nasdaq Composite Index; these top 10 holdings make up over 40% of the move on the Nasdaq Composite Index. If the Nasdaq 100 continues this trend it will have an effect on the Nasdaq Composite Index.If you have any questions or I can be of any assistance please don't hesitate to contact me.Take Care!Learn more about them here - TradesAfterWork.com -https://twitter.com/BERNARDCLAY9!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");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. 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