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Weekly Tech Charts & Report - Sept. 27 - by TradesAfterWork

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Via -TradesAfterWork

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

The Daily chart of the Nasdaq Composite Index, below, is showing that the bulls are attempting to get back into the game. The price of the index closed above the 12 Day SMA, which is necessary for the Composite to get some footing. However, the market's short-term trend is still negative.
The Weekly chart of the Composite gives evidence as to why some caution is still merited in these markets. Notice how the PPO, which is a momentum indicator, has crossed down for the first time since the March 23rd low. For the bears and bulls this indicates that the negative momentum in the market has increased. That tells us this week is a good week to see if the negative momentum sticks or if the bulls can get some traction and turn the short term momentum back to positive.
This chart of the S&P 500 Index shows 3 strikes against the bulls; the PPO is negative, the price of the index is trading below three of its major moving averages: the 12 Day SMA, 21 Day EMA and 50 Day SMA, and last, the RSI is below 50. All these will need to be corrected to get the bulls back into play.

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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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