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NYSE Composite Index

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NYA trade ideas

NYSE Composite Historical ChartWhen unsure where the market is headed it's always a good idea to look at the historical chart for clues. I went through the charts and looked for support/resistance, both horizontal - ascending/descending with significant confluence. During the late stages of the tech bubble, bulls had a tough time passing the ascending resistance (shown in purple). I extended those lines, because they are once again present. Cloned rectangles I present also hold significant horizontal support/resistance. Right now I suspect a top, but others might disagree. I see the 9700 level in the NYA as a major threshold that will take some time to break. 9700 level held as milestone for both bears and bulls as the horizontal support/resistance area in 2007. In 2008, 9700 was the throwback top when oil prices reached all-time high, and later the NYA corrected.
NYSE:NYA
by QuantitativeExhaustion
1
NYSE Composite Showing No Signs of Weakness Taking a look at the NYSE Composite old Support/Resistance area at 9678. This particular horizontal trend line has a strong confluence reading. Now the market has cleared many barriers, NYSE could draw to 9678 area very quickly. We also want to take a look at the NYSE new high and low areas. HIGN 500 readings are considered overbought and LOWN readings over 500 are considered oversold. When looking for historical data HIGN/LOWN comparison is essential. MYHN and MYLN are the year-to-date high and low readings. If MYHN readings surpass 1000, NYSE is considered overbought. If MYLN readings surpass 1000, NYSE is considered overbought. Important: When MYLN-MYHN and HIGN-LOWN readings are both above average, you look for larger corrections within 90 days. Compare chart to Hindenburg Omen A technical indicator named after the famous crash of the German airship of the late 1930s. The Hindenburg omen was developed to predict the potential for a financial market crash. It is created by monitoring the number of securities that form new 52-week highs relative to the number of securities that form new 52-week lows - the number of securities must be abnormally large. This criteria is deemed to be met when both numbers are greater than 2.2% of the total number of issues that trade on the NYSE (for that specific day). Traders use an abnormally high number of 52-week highs/lows because it suggests that market participants are starting to become unsure of the market's future direction and therefore could be due for a major correction. Proponents of this indicator argue that it has been very accurate in predicting sharp sell-offs in the past and that there are few indicators that can predict a market crash as accurately.
NYSE:NYALong
by QuantitativeExhaustion
4