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Weekly Tech Charts & Report - Nov. 1 - by TradesAfterWork

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

The chart of the Dow Jones 30 below is showing that the market is having some difficulties with Covid-19 being on the increase again. We see that the Dow Jones 30 has broken its September low. The Index also touched its 200 Day Simple Moving Average (SMA) last week. That is poor price action. Although the Dow Jones 30 is only 30 stocks, it is the index that John & Mary Public look for and hear about when they watch the evening news. The short-term trend of the market is no longer positive, but the intermediate and long-term trends are still positive.
The daily chart of the Nasdaq Composite Index is also struggling. I circled where the Composite's Relative Strength Index is below the 50% area. That indicates weakness. Yes, the Stochastics is below 10, but they can still go lower. One of the positives is that the index is still trading above its 200 Day SMA.
This daily chart of the S&P 500 Index continues to be in harmony with the Composite and the Dow Jones 30. It has prices trading below its 12 Day SMA, 21 Day Exponential Moving Average (EMA) and its 50 Day SMA. Its RSI is also below 50%. The positive is that we have not yet breached the 200 Day SMA.

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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