Who doesn’t like magic? In this case the ever reliable “save the 50 day moving average on every close” program that keeps the $DJIA out of trouble.
Today the $DJIA got closest to closing below it for the first time in 2017, but the magic never seizes to amaze:
But then it doesn’t surprise either:
Markets at key support levels. Time for some magic! pic.twitter.com/HdHNSL38gj
— Sven Henrich (@NorthmanTrader) April 11, 2017
Bulls appear fine as long as this support level continues to be saved. A close, especially a weekly close below however, opens the door for a move toward the 100MA.
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