NYSE Composite (NYA.NDX)

Short term

NYSE Composite has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The index has broken up through resistance at points 19250. This predicts a further rise. In case of negative reactions, there will now be support at points 19250. RSI below 30 shows that the momentum of the index is strongly negative in the short term. Investor have steadily reduced the price to sell the index, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The index is overall assessed as technically positive for the short term.

Recommendation one to six weeks: Positive

Medium term

NYSE Composite is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The index has support at points 18300 and resistance at points 20300. RSI is below 30 after the falling prices of the past weeks. The index has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The index is overall assessed as technically slightly positive for the medium long term.

Recommendation one to six months: Weak Positive

Long term

NYSE Composite shows strong development within a rising trend channel in the long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 16675. The objective at 18609 is now met, but the formation still gives a signal in the same direction. The index is approacing resistance at 20200 points, which may give a negative reaction. However, a break upwards through 20200 points will be a positive signal. The index is overall assessed as technically neutral for the long term.

Recommendation one to six quarters: Hold