Replies to post #110 on Chart Ideas

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daily NYSE Composite Index (more than 3,300 distinct symbols which actually trade every day):

* bulls want the future price action to establish lasting support at the $8,200 level and above

* bears want the future price action to firmly establish the $8,200 level as lasting horizontal resistance



here is how the same chart looked in June, 2007, to Dec. 1, 2008...
for a perspective on earlier price action relative to the $8,200 level -

* you can see $8,200 became resistance for the September, 2008, bounce which established the upper boundary for the further decline
which lasted into the March, 2009, low....

so, you can consider $8,200 has significant relevance in the price action history for the NYSE Composite Index

(a prior bounce high visible in the chart below - $6,351 - acted as support for the 2010 intraday low which followed the May "flash crash"
... these historic data points do actually have relevance for the later price action)

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Dave's March 18th update for this breadth charts -

http://www.technicalwatch.com/cum11/cum031811.htm

Dave has been providing these updates every weekend for
over four years now...be sure to tell him thank you once in
a while. :)

the updates are found here each weekend -

http://forums.technicalwatch.com/?forum=11515

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daily NYAD values in histogram format (gold) with the smoothing line using the 8-day simple moving average shown in blue -

* to distinguish readily from the chart versions shown in the reply-to post...I have colored the chart background

* NYSE Composite Index - for the upper portion of the chart, I have selected several near-term price levels
which are highly significant in 2011 based on:

1. intraday price action, or

2. daily closing prices

(fyi - $8064.86 was the week's intraday low for the week ended March 18, 2011 .... $8161.17 the week's intraday high .... $8116.40 the week's close on March 18)

* below the 60% level for the NYA200R is definite and absolute Confirmation
that the NYSE internals have broken
the current uptrend ... using this one data element by itself

you can see the NYA200R is now below the 80% bullish confirmation or overbought level (depending on your trading timeframe),
and some distance above the 60% level ...

so patience and vigilance is now highly important for the trader and the chartist to objectively monitor
the future daily changes for the various NYSE, SPX, Nasdaq internals and breadth statistics

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daily NYAD chart - available liquidity for new buying of stocks results in positive daily postings for the NYAD

* for the 75 trading days since December 15th, 72% of the NYAD daily postings have been positive, and 28% have been negative ... this positive breadth plurality would not occur unless there was liquidity available for new buying of stocks

COMPARISON count with the February 18th price high:

* currently 10 positive NYAD daily postings of the recent 12 consecutive days prior to April 1

vs.

* before the February 18th price high, the daily NYAD posted 13 positive NYAD daily postings within a 15 consecutive day period prior to the February 18th