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Weekly Tech Charts & Report - Dec. 13 - by TradesAfterWork

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

Last week the weekly PPO on the Nasdaq Composite Index turned positive, which is very bullish. However the daily chart of the Composite below shows that on the short-term trend the Composite has weakened some. The daily PPO has crossed down, although it is above the zero or neutral line. The price is also just below its 12 Day Simple Moving Average. The short, intermediate, and most importantly, long-term trends continue to be positive, so the bulls still have the upper hand.
The daily chart of the S&P 500 Index looks very similar to the Composite daily chart although the weekly PPO was positive a few weeks before the Composite. Still, we are seeing the same weakness in the S&P 500 Index as we are in the Composite. I would not be surprised to see some selling in both of these indexes this coming week, but short-term in nature for now.
This daily chart of the Dow Jones 30 looks similar to the two charts above. However, the price of the Dow Jones 30 is still trading above the 12 Day SMA. The Dow may follow suit in breaking its moving average, but we will have to see. Needless to say, all of this behavior is part of the ebbs and flows you get in the market and is normal behavior for now.

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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