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MONDAY'S
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10/18/99: NYSE Financial
The NYSE Financial Index
peaked in July 1998 at 599.9. The index failed to make a new high this
year while other major averages were racing to new all-time highs.
The index hit a high of 586.5 in May, below its 1998 all-time high.
The index closed on Friday at 457.6, below critical Fibonacci fan line
support at 469. This is the third time the NYSE Financial has tested
this support, it survived previous tests in July 1997 and October
1998. A failure to hold support would have bearish implications for
the entire stock market.
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