The Movement on the NYA Index
Last week, we posted a chart of the NYA Index, and today we are posting the update of that chart (see the chart posted below).
When you look at the chart, you will clearly see the two ticks that held the rising wedge's support line. After the second tick held, the NYA Index and the stock market continued up towards the upper resistance line coming from the rising wedge pattern (see the thick red lines).
While it looks simple, the NYA has not gone up without struggling. Is there a concern now? Pretty soon, there will be double resistance lines to contend with and they converge at the rising wedge's resistance line. If that level is reached soon, then that will be a formidable level to keep an eye on.