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Weekly Tech Charts & Report - March 7 - by TradesAfterWork

Subscribers Special Report

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

The weekly chart of the Nasdaq Composite Index shows that the price of the index has gone below its 10 week moving average. This is the first time that this has happened since October 2020.
The S&P 500 Index did breach its 10 week moving average this past week, but then, as you can see, closed above it. The index is sitting just above its 10 week moving average and seems to have fared better than last week. This could be largely due to contributions that come into 401(k)'s and pension plans at the first of the month.
The Dow Jones 30 weekly chart appears to be the healthiest of all the indexes at this time. That could be partly because of the large industrial stocks and also that institutions are needing somewhere to put 401(k) monies early in the month.

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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