Stephen Suttmeier made a pretty interesting commentary regarding the NYSE chart. After we found this on Josh Brown’s website, we wanted to share it with you!
Recently, the focus on many investors, and many market-related news articles, have been about the NASDAQ and how it reached 5,000. Don’t get me wrong, that’s a great thing, but we think people might be focusing on the wrong chart!
The trend chart for the NYSE appears to be ready for a big breakout at the 11,100 area. This ties in nicely with the point and figure backdrop we have been seeing on many of our charts. In the very immediate short term, some charts may be expecting a pullback, but with our intermediate term indicators pointing higher, it could be a small hiccup on the way to better days!
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