Subscribers Special Report Via -TradesAfterWork6/7/2020Posting this to share with our readers: (We really like these Weekly Technical Briefs by TaW).The weekly chart of the Nasdaq Composite Index continues to look fine. It is not unusual for an index to hit a round number like 10,000 and then pull back in a short amount of time. It doesn't mean that the bulls are no longer around. It could just mean that the index is stretched to thin and needs to have the pause that refreshes. The odds favor that this is what is currently happening in this strong market. Again, we have to keep to the existing trend, which is up and in favor of the bulls. In fact, the Composite could back down another 3 to 7% and still favor the bulls. So, sit tight and let the market do what it is going to do.One of the advantages to last week's pull back is that the weaker hands were no doubt shaken out, giving the bulls time to regroup to hopefully newer highs. Looking a the weekly chart's closing candlestick on Friday you can see that we still closed above the previous weekly candlestick lows. When you look at the context of being in a bull market, I would not necessarily view this candlestick as bearish. Rather it is likely constructive price action in a overbought market.The daily chart of the Composite is showing that the positive momentum has slowed down some. The Percentage Price Oscillator (PPO) crossed down while still above the zero line, which is healthy in a bullish market. This can reset for higher highs in prices. You will note that the Stochastics and the Relative Strength Index (RSI) are no longer overbought giving us some potential room to go higher too. When it comes to price action on the daily chart below you can see where the Composite has bounced off of its 21 Day Exponential Moving Average. This could serve as a launching pad if we continue to move higher. Again, this is quiet healthy and normal. The next area of support would be near 9250, and then on the round number of 9000. The final area of support is the 50 Day SMA which is at 8922. This too would all be normal healthy action.The S&P 500 Index chart is not quite as strong as the Composite, as we can see it breaking below its 21 Day EMA. This week we will see if we can get a bounce off of this major moving average. I think it is safe to say that if the Composite doesn't follow thru on bullish action off of its 20 Day EMA, then the S&P 500 has virtually no chance of bouncing off of its 21 Day EMA. Keep an eye on the Composite for clues since it is the leading index.In the S&P 500 Index the PPO has crossed down also. It is confirming that positive momentum has waned some. The S&P 500 Index is no longer overbought and is still above that pivotal round number of 3000. There is potential support for the S&P 500 Index at the 3000 area. The next area of support comes in around to 2954 to 2945; after that we have support at the 50 Day SMA, which is 2903. An index going all the way back to its 50 Day SMA and bouncing is very common, if that is what's in the cards for this market.Adobe Systems ($ADBE) is our stock pick for tomorrow morning. What I like about ADBE is that its fundamentals are strong, and it is in a sector and industry that is highly favored at this time, that is the Technology/Software field. As you can see in the chart below, ADBE had above normal volume on Friday and after a breach of its 21 Day EMA on Thursday, it hit a new intra-day high on Friday along with staying above all of its key major moving averages. The PPO is fine and the Stochastics and RSI are both above 50%. ADBE can be bought at $411.82. Place you stop around -5% below of you buy price.If you have any questions or I can be of any assistance please don't hesitate to contact me.Take Care!Learn more about them here - TradesAfterWork.com -https://twitter.com/BERNARDCLAY9!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");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.If you liked this article, please click the LIKE (thumbs up) button.Feel free to leave any comments, question, or opinions. 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