Can DJIA Snap Losing Streak? DJIA Morning Update 12-10-2018
Dow Down Last 3 Sessions
More of the Same for the Dow?
On December 3rd the DJIA closed at 25,826.43. Since then it has had the following closes:
- December 4th - 25,027.27
- December 6th - 24,947.67
- December 7th - 24,388.95
So, after 3 down sessions for the Dow and a flood of news about the outlook for the market looking negative, can the DJIA have an up day today or not?
Some Numbers to Watch
With Friday's close of 24,388.95, that put it below 24,576 - which marks the line between the 7th and 8th levels of this market's long climb between 10,240 to what would be the 9th level top end of 28,672. On the monthly level a close below 25,088 would point to a bearish outlook for the market. A close above 25,088 for the month would be somewhat neutral. A monthly close above 27,648 would indicate that the market could attempt to move through the 9th level and on to the next higher leg of price expansion.
Psychological Support at 24,000
Near the 24,000 level has provided psychological support for the DJIA for most of 2018. Generally, the Dow has not spent much time at or below this level before moving back up. That could prove the level to watch which determines how the Dow ends this year and could play a significant role in what the market looks like in 2019.
Climb Back up Those Stairs or No?