The New York Stock Exchange hasn’t had much to brag about for the past two years Are things about to change for this broad-based index? What happens at (1), looks to be very important for the index and the S&P 500 as well.
This chart looks at the NYSE index over the past 6 years on a weekly basis. Over the past 2years, it looks as if the index has been forming a very bullish pattern.
The NYSE this week is testing the 2018 highs and it could be experiencing a breakout above those highs. It remains possible that the index has created a nearly 2-year bullish pattern, with the neckline being the 2018 highs.
If the index succeeds in pushing a good deal higher above the 2018 highs at (1), it will send a broad-based bullish message to both large- and small-cap stocks.