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Chris Kimble, our veteran market technician, has an important announcement regarding the NYSE Composite Index.
Chris comments: Talk about chatter! In my 30 years in the business, I haven't seen a pattern discussed as much as the current Head-and-Shoulders pattern. Often when something becomes widely expected, it will fail to happen.
Speaking of "Head and Shoulders" and "Breaking" — the neckline has broken in a very broad index — the NYSE Composite Index!
The NYSE index has created a similar pattern as the 500 index with notable weak points.
NYSE couldn't get above its 200-day EMA, it has a lower right shoulder, and now it has broken the neckline.
It all depends on how you look at things. So when looking at the broad markets, remember, this major neckline is broken. Can the S&P 500 be far behind?
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