NYSE Composite (NYA.NDX)

Short term

NYSE Composite is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The index is moving within a rectangle formation between support at 18820 and resistance at 20143. A decisive break through one of these levels indicates the new direction for the index. The index has support at points 19240 and resistance at points 19700. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which weakens the index and indicates increased chance of a break down. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The index is overall assessed as technically slightly negative for the short term.

Recommendation one to six weeks: Weak Negative

Medium term

Investors have paid higher prices over time to buy NYSE Composite and the index is in a rising trend channel in the medium long term. Rising trends indicate that the market experiences positive development and that buy interest among investors is increasing. The index is approaching support at 19000 points, which may give a positive reaction. However, a break downwards through 19000 points will be a negative signal. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which weakens the rising trend and could be an early signal of a coming trend break. The index is overall assessed as technically positive for the medium long term.

Recommendation one to six months: Positive

Long term

NYSE Composite is in 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. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the index. The index is overall assessed as technically neutral for the long term.

Recommendation one to six quarters: Hold