The 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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