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Thursday, 01/04/2024 2:45:40 PM

Thursday, January 04, 2024 2:45:40 PM

Post# of 648882
The Dow & The Year-End Closing
By: Marty Armstrong | January 1, 2024

The Dow Jones Industrials for 2023 opened at 3314890 and produced a trading range of 3777885 to 3142982 closing the year at 3768954, which was above the 2022 high by 1.99%. This market closed in a bullish position on all 5 of our indicating range projections. This market closed closer to the top of the trading range for the year showing some core strength. This market has also closed the year above our normal trading range envelope by 4.41% in a positive position this time.

Thus far, this market has rallied for one year, after a previous decline for one year. Looking at our Stochastic, this market remains in a bullish position for now but we are at the extreme upper band suggesting there is at least some reduction in the upward momentum. This market has closed the year at 3768954 in a bullish position with support forming at 3063747. As we look ahead to 2024, we see support forming at 3667944. There is also key overhead resistance at 3898754.

The strongest target in the Yearly array is 2032 for a major turning point ahead, at least on a closing basis. It does appear we have rising volatility in 2024 with choppiness into 2025 with a key target in 2026 followed by sharply higher volatility from 2027 onward. We do not see any sustainable major crash ahead and in fact we expect to see a major high by 2032. There are rising tensions on the international war front and we expect rising civil unrest come 2025 which is most likely the cause of a retest of support.


Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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