This chart looks at the New York Stock Exchange Index (NYSE) over the past couple of years.
Since the election in the fall of 2016, the index has spent the majority of the past couple of years inside of rising channel (1) as the trend remains up.
The weakness of late now has it below its 200 and 100 day moving averages at (2), as it tests “key support “ at the bottom of rising channel (1) at (3).
Stock market bulls would get a concerning message if rising channel support breaks and the 100-day moving average crosses below the 200-day moving average at (3).
The Vanguard 500 Index Fund (VOO) fell $0.73 (-0.29%) in premarket trading Wednesday. Year-to-date, VOO has gained 2.64%.
This article is brought to you courtesy of Kimble Charting Solutions.