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Weekly Tech Charts & Report - Dec. 20 - by TradesAfterWork

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

Last week I stated "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." With the daily chart of the Composite below, you can see that all of these items have reversed to the bullish side. The market is still long in the tooth though. The blue arrow shows the Composite prices now trading above its 12 Day Simple Moving Average.
The daily chart of the S&P 500 Index is showing prices trading above its 12 Day SMA. In fact the index bounced off that moving average last Friday. The positive momentum of the PPO has still not crossed up yet, so the S&P 500 Index is showing some stalling action although, at this juncture, still bullish. Bulls would like to see the PPO cross up, meaning the positive momentum would be improving too.
This daily chart of the Dow Jones 30 looks to be the weakest of the 3 major indices. The Dow's PPO is still crossed down, although it is above its neutral area. As you can see the candle stick also bounced off of its 12 Day SMA on Friday. Right now this index appears to be basing or going sideways, to consolidate previous gains. When this sideways action is complete, there should be some movement in this index.

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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