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NYSE Breaks down
Aug 20, 2008
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EmailWith the light volume one shouldn't read too much into technical breaks, but as I noted in my newsletter there were breakdowns for the Dow and S&P:
However, both of these indices have support to look forward too.
The one index which doesn't have much support to work with is the NYSE:
It's an interesting contrast to the Russell 2000 which is ready to break to new highs:
In bull markets small caps carry more weight as money switches from 'safe stocks' to more speculative issues, but usually the relationship is a simple case of leader and laggard; not the current case of small caps on the verge of breaking key resistance while large caps look to break major support. The only fly in the ointment would look to be the insipid month of August where little major action occurs. Will this situation drift into September before it gets resolved? Possibly.
by Declan Fallon (Fallond Stock Picks)
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