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
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):
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%.