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New York Stock Exchange Index

The weekly close of the New York Stock Exchange (NYSE) composite index is plotted right below the DJIA weekly close.

The NYSE index is an index composed of all of the issues listed on the New York Stock Exchange (also known as the Big Board). Since this index represents a broader range of stocks it is an excellent indicator of market breadth (what the larger number of issues are doing as a whole).

The peaks and valleys of the NYSE index are compared with the peaks and valleys of the DJIA. When there is a divergence in the movement of the two a closer look should be taken.

If the NYSE index is moving lower, but the DJIA is continuing to move higher it is an indication that some erosion in prices of the broader market is taking place. Generally the NYSE is said to be the foundation on which the Dow is built. If the foundation is getting weaker in comparison to the Dow we should be cautious as to what the market will do next.

The safety signal that you want to see here is that both indicators are moving in the same direction at the same time. Sometimes one or the other will take off first with the other index soon to follow.

If you look at the history you can see a definite pattern.

This indicator can be updated either manually or automatically through the use of the Automatic History Update facility provided with this package.

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