NYSE Composite Highlights Painful Bear Market For Investors!

Earlier this week, we highlighted how the NYSE Composite was breaking to new lows. Well, this week we are seeing follow-through selling.

This is a broad-based index so investors should heed its cautionary signal.

Joe Friday: “The facts, Ma’am. Just the facts.”

There are a few ways to look at the NYSE’s breakdown below the June low. First, we are now looking for a new low. Second, rallies may have trouble gaining traction. Why? Because, third, former price support is now resistance.

Sign up for our FREE newsletter
and receive our best trading ideas and research

So the NYSE stock index is looking for a new “low”. Using Fibonacci price projection, we can determine the next Fibonacci price target.

Here we use the November 2021 high and the June 2022 low and apply a 1.618 Fib extension. That produces a target near the 12,000 level for the NYSE Composite. That’s 10% below current trading levels. Stay tuned!

NYSE Composite Stock Market Index Chart

nyse new york stock exchange bear market decline warning economy october forecast image

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.