The DOW hit all time highs last month and since then has been consolidating its gains. More importantly, the index broke the ascending trend line from the Covid lows back in June. However, the index didn't turn bearish at that point, we grinding higher and consolidated all summer. Today, the Index is parked on another ascending trend line since February 2021. Arguably it is this years "trend." We feel it is important to start monitoring for near term weakness especially as the RSI points lower as it has been divergent since the spring.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.