NYSE Composite (NYA.NDX)

Short term

NYSE Composite is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. The index has support at points 17840 and resistance at points 18300. The short term momentum of the index is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for NYSE Composite. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically slightly positive for the short term.

Recommendation one to six weeks: Weak Positive

Medium term

NYSE Composite has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The index has broken a resistance level in the short term and given a positive signal for the short-term trading range. The index is approacing resistance at 18300 points, which may give a negative reaction. However, a break upwards through 18300 points will be a positive signal. Volume has previously been low at price tops and high at price bottoms. This weakens the index. The index is overall assessed as technically slightly negative for the medium long term.

Recommendation one to six months: Weak Negative

Long term

NYSE Composite is in a rising trend channel in the long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. The index has given a positive signal from the rectangle formation by a break up through the resistance at 16675. Further rise to 18609 or more is signaled. The index has broken up through resistance at points 17300. This predicts a further rise. In case of negative reactions, there will now be support at points 17300. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This 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 long term.

Recommendation one to six quarters: Positive