In looking at the percentage of stocks on the NYSE trading above their 50-day moving average, it appears the index is approaching a short term overbought level.
(click on chart for larger image)
However, the percentage of stocks trading above their 200-day moving average level (approximately 40%) remains below an overbought level.(click on chart for larger image)
The NYSE Index appears to have broken through resistance of 9292.89. This was the index's closing value on February 27th. The index closed at 9310.24 on Friday. At issue will be whether or not this level turns into a support level for the index.(click on charts for larger image)
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