Dow Swings Lower - DJIA Afternoon Update 12-7-2018
Will DJIA Swing Higher for the Close Like Yesterday
or No?
Good Dog? Maybe
Had to take my dog to the vet this morning for his annual checkup. He has occasional seizures so he needs blood work periodically to make sure his dose of medication is still right. Fortunately, it's still good. In fact, will probably try to reduce his dose further and see if he can maintain the same level of seizures or not.
He also has a bit of lenticular sclerosis which is not uncommon for a ten year-old dog.
Lenticular sclerosis or nuclear sclerosis is the medical term for a bluish transparent "haze" that develops in the lens of the eye in middle-aged to senior dogs. This is considered a normal change in the lens associated with aging, and is observed as a cloudiness or bluish discoloration on the pupil.
Vision does not appear to be significantly affected in dogs diagnosed with lenticular sclerosis. This condition is not the same as cataracts. Cataracts are white and opaque and represent a change in the ability of light to penetrate to the retina. Cataracts cause diminished vision. Cataracts and lenticular sclerosis are two of the most common eye problems seen in dogs over the age of 9. Some estimates show the prevalence of lenticular sclerosis or cataracts at 50% in dogs over nine years of age and 100% in dogs over the age of thirteen.
Other than that, he has pretty normal dog issues. He's a little bit overweight and has a little bit of tartar on his teeth that needs to be cleaned. He's a mix between a Jack Russell Terrier and Cocker Spaniel. The vet tech commented that he certainly has not lost his energy. He's pretty much been a wound coil waiting to spring since he came to the house as a puppy. Our previous dog was a Shih-Tzu, so it was quite a change when our tiny puppy suddenly starting bounding up and down all the stairs in the house and jumping into our somewhat tall bed.
For some reason he doesn't much like the vet and tries to bit or at least nip at him. It's not something he tends to do with anyone else. The vet is very nice, but it doesn't seem to matter - I guess my dog holds a grudge for all of various shots, poking and prodding of him by the vet in the past.
Now that he's home, he has become a Stage 4 Clinger
Back to the DJIA...
The Dow Jones Industrial Average has been down as low as 24,350.42 on the day, and is down about 520 as this is being written. We're once again below 24,576 which marks the line between the 7th and 8th levels (of 9) - or, 22,258 to 24,576 and 24,576 to 26,624, respectively.
A close below 25,088 would give the Dow a more bearish outlook. A close above 27,648 would signal the DJIA was attempting to enter into the next higher leg of price expansion.
The DJIA managed to finish just above the 25,088 level at the end of October, closing at 25,115.76. November's close was higher at 25,538.46
Signs, Signs
There have been worrying signs for the DJIA, including continued trade tensions with China, the recent arrest and threatened arrest of Huawei's CFO for allegedly violating the United States' Iran Embargo, interest rate inversions, weakening economic numbers, falling housing prices, etc., etc.
Psychological Support
The DJIA has managed to stay above psychological support at 24,000 for most of 2018. Should the Dow continue to decline, that would be one the next significant levels to keep an eye on. The 24,576, as the line between the 7th and 8th DJIA is also worth watching, but it hasn't proven to be a significant barrier either as support or resistance. It has been a level that gets crossed over and under, seeming to act as little more than a small speed-bump.