NYA closes higher for the 3rd day in a row


NYSE Composite Index (NYA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NYA dominated by bulls lifting the market higher throughout the day
NYA closes higher for the 3rd day in a row
NYA pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, NYA finished Thursday at 10536.28 gaining $574.90 (5.77%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 10303.90, the market confirmed its breakout through the previous session high after trading up to $253.00 above it intraday.

Daily Candlestick Chart (NYA as at Mar 26, 2020):

Daily technical analysis candlestick chart for NYSE Composite Index (NYA) as at Mar 26, 2020

Thursday's trading range has been $496.42 (4.93%), that's slightly below the last trading month's daily average range of $573.01. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for NYA.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, NYA gained 3.14% on the following trading day.

Prices are trading close to the key technical resistance level at 10851.98 (R1).

Although the index is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for NYSE Composite. Out of 824 times, NYA closed higher 53.40% 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 58.37% with an average market move of 0.06%.


Market Conditions for NYA as at Mar 26, 2020

Loading Market Conditions for NYA (NYSE Composite Index)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when NYSE Composite Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!