The broader stock market has been ravished this year, with several global indices falling into bear markets.
And there may be more pain ahead.
Today we look at a 10+ year chart of the NYSE Composite. This index is broad based and an excellent gauge of market health.
Well, it appears that the NYSE is breaking below a key price support level formed by the Pre-Covid highs and this summer’s low.
Bulls need to regain this level quickly or it will send a bearish message to the broader markets. Stay tuned!
NYSE Composite Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.
Twitter: @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
