NYA breaks below Thursday's low
NYSE Composite Index (NYA) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
NYA ended the week 0.17% higher at 12787.25 after losing $40.26 (-0.31%) today. Closing below Thursday's low at 12788.54, NYSE Composite confirmed its breakout through the prior session low after trading up to $20.70 below it intraday.
Daily Candlestick Chart (NYA as at Jun 14, 2019):
Friday's trading range has been $45.16 (0.35%), that's far below the last trading month's daily average range of $92.74. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NYA.
After trading as low as 12767.84 during the day, the market found support at the 50-day moving average at 12773.10. The last time this happened on Wednesday, NYA gained 0.33% on the following trading day.
The index shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 12841.72 where further buy stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for NYSE Composite. Out of 37 times, NYA closed higher 62.16% 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 59.46% with an average market move of 0.94%.