Bear market picks up momentum if this gives way!

Sharing is Caring!

by Kimble Charting

One of the broadest stock market indices in the states is starting off the year with a key test, that could send a very important message for months to come!

This chart takes a look at the New York Stock Exchange index (NYSE) over the past 20-years. Since the 2011 lows, the index has spent the majority of the past 8-year inside of rising channel (1).

See also  Bull Market in Bonds Begins. Will You Miss the Rally?

The decline over the past 90-days has the index testing the bottom of the rising channel and 2014 highs at (2). This price point becomes a very important support test for this broad index.

As a reminder, support is support until broken! If this dual support price point does not hold, it would suggest that the bears will be busy to start off 2019!

See also  Stock Market DROPS 500 Points After Fed Spooks Investors With THIS Message!

Keep a close eye on this price point friends, what this broad index does (2), could send a very important message to start off the year.

 

877 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.