Always consider hidden risks
NYSE Index: The Battle of the 200 DMA?
March 21 2016 ( From TradingView )
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Since the peak made on May 21 2015 at 11254.87 on the
NYSE Composite Index, we are into a lower highs and lower
lows technical pattern in a multiple down steps...
But we made a double bottom technical pattern (January 20 2016
and February 11 2016 to painfully climb into a steep rising wedge.
(See 1rst Chart Below - Grey Trendlines)
We are at crossroads for Bulls as we are broke the Major
Resistance Trendline that started back since June 23 2015 low.
(See 1rst Chart Below - Blue Trendline). Bulls need to protect at all costs
that support trendline from that steep rising wedge. (See 1rst Chart Below - Grey Trendlines)
Also at the same time, we are testing the 200 DMA (Day Moving Average) on the NYSE Composite Index (at 10237 as of March 18 close); a crucial battle fo Bulls indeed. (See 1rst Chart Below - Green Line - Ellipse).
And looking at a bigger picture on a Weekly Chart, few of us realize that the Mighty NYSE Composite
Index compare SP500 Index (so on a ratio basis), that in fact we tested levels last seen in November 2000.
( See second chart below, Amber Trendline - Ellipses )
NYSE Index: The Battle of the 200 DMA? $SPY, $NYA #Trading #investing #NYSE #SP500
NYSE Composite Index - Daily Candles
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
NYSE Composite Index