Largest Bearish Reversal Pattern In 20-Years Forming?

 

Is the New York Stock Exchange Index (NYSE) sending one of the largest bearish messages in years? Possible!

This chart looks at the NYSE index on a monthly basis over the past 13-years. The index spent the majority of the past 11-years inside of rising channel (1).

The weakness in March took it below the support of this rising channel for the first time in a decade. The rally since the March low currently has it kissing the underside of the channel at (2).

While kissing the underside of the channel and its 61% retracement level of the large decline this year, the index could be creating one of the largest bearish reversal patterns in 20-years!

The end of the month takes place this week. Where the NYSE index closes out the month could end up sending a very important message from this very broad index!