Stock Indicator Creating A Top Similar To 2000?

Sharing is Caring!

by Kimble Charting

The New York Stock Exchange (NYSE) is a very broad measure of the stock market with over 2400 companies listed. So when the NYSE begins to underperform, market participants should pay attention!

Well, this has been happening over the past year… and it may be reaching a tipping point.

Below is a long-term ratio performance chart of the New York Stock Exchange to S&P 500 Index. You can see how the NYSE has turned lower of late in a topping-like formation.

More importantly, we ask if this topping formation could be a head and shoulders pattern? The last head and shoulders pattern of consequence appears at the highs. Yikes!

See also  NVDA CFO just sold a bunch of stock...

Currently, this pattern bounced off of 12-year uptrend support. But with the banking news of late, this ratio is still trading on thin ice.

If this thing tips over at this support level, it would send an important cautionary message to the broader market. Stay tuned!

This article was first written for See It To see the original post CLICK HERE.


See also  First Rep Bank execs sold $12M in stock BEFORE SVB crash: Chairman sold $4.5m, chief credit officer sold $2.5m in trades 2 days before crash

Views: 39

Leave a Comment

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