NYSE Composite Index

[Au-myn]

The NYSE Composite (NYA) is looks to be breaking down technically on this 75 x 3 Point & figure chart.

Following a sell signal on a Bearish Signal formation (a series of lower tops and lower bottoms) at 7800 in May, the NYA did issue a buy signal on a Bullish Signal formation at 7875. However, note that (1) the formation cut through its LT bullish support line (light blue overlay) as most of the pattern formed under the bullish support line. (2) the BS was a false as the bearish resistance line held and the NYA turned south. A sell signal at 7425 (red arrow) will confirm the technical weakness. (3) With this reversal in trend the "old" bullish support line now becomes a resistance line and the index "pushes away" from the line. 7425 is the key here.

[minimus]

Thanks, as usual your charts confirm my gut feeling.

They really need to drag this out till election but ...