Friday, March 12th. - Stock Trends, Charts, and Commentary
Last August, the Relative Strength for the New York Stock Exchange (NYA Index) started a descending channel. See today's chart below.
Since then, it had 3 "touch points" on the support line, and each resulted in a bounce up on our C-RSI AND the stock market.
Similarly, the upper resistance line had 2 "touch points" so far, and each resulted in a market pull back.
We said "2" and not 3 because the third "touch point" has not happened just yet.
Actually, today and Monday are going to be the big test for the 3rd. touch point because the C-RSI is now having a face-off with that long term resistance line. So while many indicators are still looking rosy, this one is saying that it is at a caution point.
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