Sometimes you're cruising along and everything appears to be going great and then, you pull a penguin and fall right down on your backside.
In today's case, the DJIA rose to a high of 26,639.09 before closing at 26,085.80. At one point in the day the Dow Jones Industrial Average was up nearly 600 points.
It fell back through 26,463, 26,346, 26,213 and 26,096 - all levels to watch - 26,463 and 26,213 are part of the current range as follows:
1 - 26,713
3 - 26,463
5 - 26,213
7 - 25,963
9 - 25,713
2 - 25,463
4 - 25,213
6 - 24,963
8 - 24,713
The 26,346 and 26,096 were interim levels just below 26,463 and 26,213, respectively.
In turn, this is part of the long-term range as follows:
1 - 35,713
3 - 33,213
5 - 30,713
7 - 28,213
9 - 25,713
2 - 23,213
4 - 20,713
6 - 18,213
8 - 15,713
The all-time high for the DJIA was 29,568.57. Following that, the market crashed down to 18,213.65 in what is being blamed on COVID-19, but is actually just part of cyclical markets that governments are using to paper over their own insolvency.
An interim high of 27,572.44 was achieved on June 8th, 2020 and the market has failed to rise above that level so far.
Before any declarations that the Dow Jones will definitely clear 30K, it will need to retake 28,213 which it has not yet shown any inclination of doing.
Giving up a nearly 600 point gain - with a 500 point rise holding for much of the day - does not give the appearance of market strength.
The 30K flex will have to wait for another day.
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