You’re All Looking at the Wrong Chart

Ace technician Stephen Suttmeier writes at Bank of America Merrill Lynch:

The often overlooked NYSE set up big breakout

One US equity market index that investors often overlook is the NYSE Comp. The headlines have focused on NASDAQ 5000, but the NYSE is a broad-based index with 1995 members (NYA Index) that is set up for a big breakout above the 11,100 area. The NYSE chart pattern is similar to the bullish consolidations that preceded the big breakouts for Europe’s STOXX 50 and STOXX 600 in late January. The NYSE has already completed a short-term triangle from the late November high that projects a breakout beyond the 11,100 area toward 11,560 but the bigger bullish consolidation pattern from early July counts to 12,000 12,300.

Screen Shot 2015-03-05 at 9.34.00 AM

Source:

Plenty of NASDAQ 5000 talk but all eyes should be on NYSE
Bank of America Merrill Lynch – March 5th 2015

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