Courtesy of Chris Kimble.
CLICK ON CHART TO ENLARGE
The “Big Apple” index (NYSE Composite), remains inside of the rising channel that has been in play for the past 50-years.
If one applies Fibonacci retracement levels to the 2009 monthly closing lows and the highest monthly close this year, the NYSE index hit the 23% Fibonacci retracement level in August and stopped on a dime.
At this time the index is above 23% support and below resistance created earlier this year.
If the NYSE index can close above the 11,050 level, around 5% above current prices, it would find itself looking at a breakout.
With seasonal patterns positive as we get closer to year end, a breakout here could pull in buyers, that were shook out of late.
If you would like a Free Copy our “Coffee With Chris” weekend report, send us an email to premiumrequest@kimblechartingsolutions.com and we will get you a complimentary copy ASAP, sent to your inbox.
To become a member of Kimble Charting Solutions, click here.
