There is minor support for the NYSE Composite at 9, 179 with the 20-week EMA at 8, 914.
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The NYSE composite index has fared even worse: It's down 27% year to date.
By the final low in October 1974, the NYSE Composite had lost over half its value.
The following five-month correction dropped the NYSE Composite 26.4% to a low of 6414 on October 10, 2011.
The broad NYSE Composite closed Thursday just 0.7% higher than on March 14.
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Unlike some of the other averages, the NYSE Composite held well above the August highs on the recent correction.
Chart Analysis : The daily chart shows that the NYSE Composite is still resting on its daily uptrend (line a).
The chart of the NYSE Composite shows the lower close Friday, but it is still above its uptrend (line c).
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The NYSE Composite is a broader measure of the stock market and is still 1% above the March lows (line d).
The daily chart of the NYSE Composite shows that May 1st highs were exceeded on Friday with next resistance at 8327.
The NYSE Composite closed Friday just above the September 26 lows, with next support at 8, 168 and the August highs (line a).
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Chart Analysis : The NYSE Composite has been testing the 61.8% Fibonacci retracement resistance, but has not yet closed decisively above it.
The long-term monthly chart of the NYSE Composite goes back to 2004.
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The NYSE Composite bottomed at the end of November and continued to rally until April of 2011 as it gained almost 18%.
The daily chart of the NYSE Composite shows the sharp move above the 2011 high of 8, 718.25, which now becomes first support.
The new highs peaked at 304 on February 1 and then started to decline even though the NYSE Composite continued to move higher.
The NYSE Composite rallied back to its Starc- band on Thursday, and the bearish interpretation is that it is forming a double top.
The daily chart of the broad-based NYSE Composite continues to act the best, as it is just testing its uptrend from the June lows (line a).
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The daily chart of the NYSE Composite shows that it dropped back to test the April highs (line a), and then tried to turn higher Friday.
It was surprising that the Dow could eke out only a 31 point (0.3%) gain, the NYSE Composite only a 0.2% gain, in reaction to that kind of news.
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Chart Analysis : The close Thursday pushed the NYSE Composite above the highs from early in the year, as prices closed above the upper boundary of the daily trading channel.
Until the NYSE Composite starts a clear downtrend (lower highs and lower lows), my daily column will continue to look for stocks that I think have significant upside potential and that can be bought with a reasonable amount of risk.
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Shares on the Shanghai composite index soared to close 7.6% higher, after a note from JPMorgan Chase (nyse: JPM - news - people ) said that the Beijing government could announce new economic stimulus measures.
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