NYSE Bullish Performance New Highs Persist
The New York Stock Exchange Composite continues to perform as anticipated, producing new highs exceeding those seen at the beginning of July. Thursday results were +273% (top right chart below) compared to Wednesday. The trend is turning higher, not lower.
NYSE NYHL New Highs
NYSE Performance – Price Action Bullish
The NYSE paused briefly for two weeks, then broke above trendline resistance going back to the late February and June pivot highs illustrated. This recent price action accompanies the upbeat earnings environment. Sales and earnings are largely robust with most companies reporting positive guidance going forward.
Considering this backdrop, we anticipate the index will be closer to all-time highs 13,710 by year-end.
We’ll discuss recent earnings and potential trades for Friday and the week ahead. There is an abundance of news to digest.
Happy Trading and Happy Fry-Day!,
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