DJIA hit new intraday and closing highs on Friday, following strong upmoves in European indices. It is impressive that since its October 15 lows, Dow has had only 3 or 4 down-days and about 20 up-days. This is bizarre by any statistical records, but it shows the strength of this bull market. This parabolic move is due to central banks’ induced liquidity injections and dovish comments on interest rates. The short-term (daily) trend remains up as long as the index holds above 17.600. Beyond this level, there is crucial support @ 17.500 and 17.250. On the upside, Friday’s intraday high @ 17.900 and then the historical 18.000 mark will be targeted.
Dow Jones Industrial, 4-hour candles:
Chart courtesy of Investing.com. http://investing.com
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