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Weekly Tech Charts & Report - Oct. 25 - by TradesAfterWork

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

As you can see in this daily chart of the Nasdaq Composite Index prices did not find support at the 12 Day Exponential Moving Average last week. All is not lost, though, because the Index is seeking to find support at the 21 Day EMA (blue box). This is still very normal action in the background of a bull market. In fact this Index could retouch the 50 Day Simple Moving Average and remain in a bull market. Currently PPO has crossed below, but is above its zero line which shows drag on momentum. The short-term trend of the market remains positive.
The weekly chart of the Composite Index, below, is intermediate in terms of trend and the trend is positive. The only concern is that you also see the PPO has crossed below (red circle), just as it has in the daily chart. Again this is reflective of some of the slow up in positive momentum. As you will note, the prices for the previous 3 weeks have closed above its 10 Week Moving Average.
This weekly chart of the S&P 500 Index looks very similar to the Composite. One of the main difference is that the PPO is positive, with no cross going below its signal line. With the chart of RSP (equal-weighted S&P 500 Index) looking identical to the Composite index, this looks very favorable for the bulls, since this means the market is more broad in its bullish action. Rather than the few stocks that move the S&P, the RSP is showing that we are having a real participation in the bull market by many companies.

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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