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Stocks Testing Dual Long-Term Support At The Same Time

ByChris Kimble
Published 10/31/2018, 08:10 AM
NYA
-0.16%

Relative Momentum Index

This chart looks at the NYSE over the past 20-years on a weekly basis. This very broad index has traded sideways for the past 15-months, while the long-term trend remains up.

Weakness this month finds the index testing dual long-term support as weekly momentum is creating lower highs as it nearing oversold levels.

Support is support until broken and this broad index is testing a very important support zone as October is coming to an end!

The long-term bull trend would get receive a concerning price message if dual support fails to hold.

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