Big Apple Index Getting Closer To Breakout Levels



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.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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