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Weekly Tech Charts & Report - Jan. 3 - 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 Nasdaq Composite Index below shows an Index that continues to look strong. The PPO has crossed down, but is still above the neutral line. The price is above all the major moving moving averages. Yes, this continued climb seem overdue for a correction, but the chart says stick with the trend and that is up.
The S&P 500 looks very similar to its other major indexes. Price action continues to be strong, trading above its moving averages: the 12 Day simple moving average, 21 day exponential moving average, 50 day simple moving average and way above its 200 day simple moving average. The PPO is also crossed but above the neutral area. This can indicate some drag on positive momentum in prices, but since this is on a daily chart, it can cross up again quickly.
The daily chart of the Dow Jones 30 shows the industrial stocks have also followed the pattern of the two indexes above. This chart along with the other two charts says that the trend for 2021 begins with positive action. Continue to stay with the trend, no matter how overextended the market may appear to be.

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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