Market technician Chris Kimble compares the New York Stock Exchange to Sisyphus, the mythological king punished by being forced to roll a huge boulder up a hill, only to watch it roll back down, and to repeat this throughout eternity. Of course the timeline for the NYSE won't be eternity, but it can certainly seem like that to the anxious investor.
Chris comments: The massive NYSE has broken below a support/resistance line that dates back to the highs of 1987.
It is easy to get caught up in the market's day-to-day volatility, but when we look at this broad index from the 30,000 foot view, heavy resistance remains overhead.
NYSE needs to break at least above 7,000 before I would see some downside support at hand.
