DJIA Morning of 12-4-2018
Implied open for today looks to be a little more than 70 points lower than yesterday's close of 25,826.43.
Little has changed in the overall outlook for Dow. It is currently not tipping its hand whether it is turning higher or going lower.
Monthly numbers to watch for are a close below 25,088 which would indicate market turning to downside and a monthly close above 27,648 which would point to the market going higher.
A weekly close below 25,344 might indicate potential weakness in the
Dow and warn that their could be continued movement to the downside.
A weekly close above 26,624 could indicate potential strength in the Dow and hint at strength to the upside.
The long-term view of the DJIA is that it is currently in a range which started at 10,240 and ends at 28,672. The all-time Dow high of 26,951.81 fell into the lower portion of the top end of that range. A new leg in the bull market would begin above 28,672 and would be confirmed by a monthly close above 30,208.
Given the past few days movement higher, and considering the part of
the cycle the market is in, it would not be too surprising if the DJIA
backed down a little today.