A Double Top Test Coming Up
Double tops are considered formidable formations because it is where a security was stopped twice while being unable to breach the resistance level to the upside.
When a third attempt is made, pay attention to it because an important breakthrough or failure is at hand.
And so it is with the NYA Index now.
Yesterday, it closed at 11054.40 and the current bias favors moving above the 11068.5 resistance level and then the grand double top resistance of 11108.39 has to be resolved. Bottom line: Keep a careful eye on the NYA Index now.