In this Chart of the Week, Let's take a look at 10-Days down 50 Years ago and now.
Should we expect the same or a similar outcome? Read Below.
Wednesday - There will not be an MT Live this week because of the Christmas Holiday.
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Dow Jones Industrials as of Friday 12-20-24
Above is the Dow Jones Industrial Average chart we review each week in the Advisory Swing and Options Trader Letter for monthly MTS education and information.
Last week, the Dow fell through two Voids, the 50 MA, a Major Support level, and filled the gap higher created in November.
Friday's relief reversal from the unfilled gap occurred after falling 10 days in a row. The last 10-day decline was 50 years ago.
Falling 10 days in a row, in 2024 and 1974, is the only similarity.
In 1974, the Dow had been falling for almost two years.
In 2024, the Dow has been rising for two years.
Hearing similar occurrences does not mean they will have similar outcomes; we always need further investigation.
The current move lower for 10 days looks like the start of a move, but it doesn't mean the Dow will move down for two years.
The current chart of the Dow above shows another Void below, and a break below the next Major Support (MS) level would enter that Void.
The following MS level is at 40,000.
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