NYA is New York Composite Average Index which is composed all listed stocks traded in New York Stock Exchange. It represents more broader and meaningful than Dow Jones Industrial Index(DOW Index). Japanese Candlestick Chart pattern means a lot to picture the tug of war of each day trading truth behind. In addition to trend line, support and resistance (Moving average) with western techncial indicators, it all combine to give us very strong trading signal to forecast the future trading days action. I hope you all are able to understand and know how to interpert what I always insists to analysis stock charts. It does give us all information to give you an edge to win. Trading or Investing blindly with just bull shit news or so called stock "guru" or analysist will get your trading capital going to zero or negative. By learing technical analysis, you are totally control your money trading in your hand.
Enough emphasis about studying Technical picture of stocks is very very very important nowsday than before. From the above chart, the support level of NYA is around 5000-5050. If day closed below this zone, retest or make new fresh Bear Market lows are very very possible. Today's closing in almost low of the day and it formed quite bearish. Therefore, if Tuesday intra-day that NYA is breaking below 5000, it more likely ignite huge sell off (mean another 300+ point lost for Dow). Recent days, Dow index is the only major index making lower low since Noverber low. It will eventually dragging S&P and Nasdaq in sync movement soon. Be Alert!!! On the other hand, if we successfully test the support zone for major index, expect relative strong rally up to 50MA again. But, I am still remain bearish mode because I have pointed out other reason which I shown it on chart on last few days post. Go check it out why I said so.
No comments:
Post a Comment