The broader stock market has been ravished this year, with several global indices falling into bear markets.
And there may be more pain ahead.
Today we look at a 10+ year chart of the NYSE Composite. This index is broad-based and an excellent gauge of market health.
Well, it appears that the NYSE is breaking below a key price support level formed by the Pre-Covid highs and this summer’s low.
Bulls need to regain this level quickly or it will send a bearish message to the broader markets. Stay tuned!