NYA closes above its opening price after recovering from early selling pressure
NYSE Composite Index (NYA) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team
NYA ended Monday at 12914.28 losing $8.43 (-0.07%). Trading up to $13.61 lower after the open, NYSE Composite managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on April 18th, NYA actually lost -0.07% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (NYA as at Apr 22, 2019):
Monday's trading range has been $34.02 (0.26%), that's far below the last trading month's daily average range of $69.21. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NYA.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
While the stock index is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could speed up should prices move above the close-by swing high at 13002.84 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 12869.85 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for NYSE Composite. Out of 421 times, NYA closed higher 55.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.00% with an average market move of 0.42%.