CHARTS
The prior week was a rally week. The past week was a decent test of that rally. No pre-weekend, thumb in the eye of North Korea and Irma rally; investors and traders apparently had enough adventure and would just wait for the weekend and the storm to hit.
That leaves the stock indices for the most part still in good shape to continue the rally on this leg to a new high, then we see what happens.
NASDAQ: Fell to the 10 day EMA Tuesday and spent the week working laterally there. That keeps NASDAQ over the early June prior high and just off the late July all-time high. Good rally, nice fade to test, now NASDAQ shows if it can make the next break higher.
RUTX: A weeklong test of the two week rally off the August low. Sold on Tuesday with the other indices, spent the balance of the week showing doji over the 10 day EMA. Nice sharp rally, easy test, in good position to move higher.
DJ30: DJ30 was on the way higher when Tuesday hit and it gapped lower and sold to the 50 day MA. It spent the week there, but managed to stretch out the pattern decently to keep it in the trend and thus in the game for a move higher.
SP500: Same story, i.e. the selloff Tuesday after the rally the prior week up through the 50 day MA. Holds the 50 day MA all week, working in a tight range Wednesday to Friday. Higher low possibility still in the 2017 uptrend.
Source: Investment House