One of the broadest stock market indices in the states is starting off the year with a key test, that could send a very important message for months to come!
This chart takes a look at the New York Stock Exchange index (NYSE) over the past 20-years. Since the 2011 lows, the index has spent the majority of the past 8-year inside of rising channel (1).
The decline over the past 90-days has the index testing the bottom of the rising channel and 2014 highs at (2). This price point becomes a very important support test for this broad index.
As a reminder, support is support until broken! If this dual support price point does not hold, it would suggest that the bears will be busy to start off 2019!
Keep a close eye on this price point friends, what this broad index does (2), could send a very important message to start off the year.