The Dow continues to trend sideways with strong support along the 100 day simple moving average. If it can’t make new highs, I believe we will see the Dow drop below the 100 day SMA and perhaps test the 200 day SMA. I don’t believe we will experience a huge drop, but it’s not impossible.
Ultimately, I believe the Dow will continue to trend sideways for a while before resuming upward. I am short to mid-term bearish, but long-term bullish on the Dow.
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