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PeakTrader.com Economics, Portfolio Optimization, and Technical Analysis
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arthur Guest
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Posted: Sun Nov 28, 2004 10:13 am Post subject: NYSE Summation Index |
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The three charts are same period daily charts. The NYSE contains 2,800 firms with a market cap of $18 trillion, including 460 non-U.S. firms with a market cap of $6 trillion. The NYSE Summation Index is a measure of market breadth, including Advance-Decline ratio and New Highs to New Lows. The Index is normally used as an intermediate indicator. The NYSE is typically bullish while the Index is rising. Recently, the Index made a lower high and it's currently near an overbought level. Moreover, the NYSE is near its all-time high. Therefore, the NYSE may either consolidate or rise to new highs quickly. If the NYSE consolidates, then SPX may trade around 1,160 to 1,190. If the NYSE rises to a new high, it may be reached in Dec or early Jan. The NYSE may then be in position for a severe correction, which will affect other indices, including SPX.
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