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Last week, I posted a chart of the NYSE and I said that price was likely to find support between the 2 lines I drew on the chart. I also said that there was a large, weekly doji that showed how much of a battle there was between the bulls and the bears; a battle the bulls won 2 weeks ago, but they had to lift the NYSE off a deep low. That low was about in the middle of my support area. I cautioned that price was fighting to stay above the 50 dma, but that overall I was leaning bullish for the coming
Last week, I said that there was some key support areas getting tested among the major indexes.
This is the weekly chart of the NYSE that I posted last week. If you look at the red candlestick that depicts the weekly action from 2 weeks ago, you'll see that price settled right at the top of an area that I felt might be a reasonable area to look for support across the broader market. Last week's action produced a large, weekly doji that
Updated 05-22-2016 at 04:43 PM by coolhand
Last week, I posted this same chart of the NYSE and noted the mixed picture that various technical indicators were painting. I felt that the stock market could go either way. After one week, we see that prices fell for the 3rd straight week on the NYSE, with most of those losses coming on Friday's sell-off.
Looking at the candlestick structure I see an area (between the blue lines) where support is likely to be found. Note that the upper
The rally off the February lows seems to have either ended or paused over the past few weeks and there are plenty of mixed indicators to choose from in terms of trying to ascertain where the market goes from here.
The NYSE, which is probably the best exchange to gauge the overall health of the stock market, shows us that price peaked more than a year ago and more recently hit a double top since October, which would seem to be bearish. But
The major averages posted gains for the month of April, but the S&P 500 was up only 0.39%.
Still, it was a gain.
Now we have entered the weaker of the two 6-month cycles. "Sell in May and go away" is an old adage and it has been largely a good one for those who follow it's longer term advice.
I posted this chart recently, which is a weekly chart of the S&P 500. I have embedded some envelopes above and below