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Weekly Tech Charts & Report - Jan. 24 - by TradesAfterWork

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

So much for the market being overbought. It's becoming obvious that the market can continue overbought for many months at times and still continue to rise. The Nasdaq Composite Index closed at another new high last week. Even though the bullish sentiment has gotten out of hand, which is a contrarian indicator, price trumps everything!
The S&P 500 Index also broke out to a new high last week. This weekly chart of the index is showing the continued back and forth price action, only for the index to eventually finish with new highs. The primary trend has stayed in place since March 2020.
The Dow Jones did hit a new high last week, however it did not close on a new high. Although it is the weaker of the 3 major indexes it too has continued to follow the primary trend upward.

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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