Last Friday, we posted this NYA Index chart showing how it was on the cusp
of breaking down into a correction.
It has been touch and go during the week as the index tested its 7471 and
7478 support levels. Wednesday was a reprieve when the index bounced up from
the supports and closed higher.
But, the market is not "out of trouble" yet. Take a look at the blue arrows
and see what has been happening. The closing highs have been moving lower since
November 5th, and that has to change or the market will fall below support
levels and go into correction.
So, we are not out of the woods yet, and investors should keep an eye on these
important NYA index support levels next week.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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