On such a long term analysis, we want to emphasize the importance of a key marker that is behind this +10year Bull Cycle and how it is keeping the sentiment on stocks alive.
That is the MA200 on the 1W chart. During the 2008 mortgage crisis, the 1W MA200 acted as a Resistance. It first broked convincingly in October 2010 and was immediately tested (and successfully held) as a Support. That was unofficially the start of the new Bull Cycle on Dow Jones, as since then the 1W MA200 has held as a Support on four occasions after sharp market sell-offs (Aug 2015 China's slowdown, Feb 2016 Oil decline, Dec 2018 trade war etc), keeping the multi year uptrend alive.
Last week the index came close again to the 1W MA200, which successfully held. As long as 1W candles close above this , the multi year Bull Cycle will continue and every pull back is a long term buy opportunity. In fact based on the current 1W Channel Up, Dow's next Higher High target is 32,000.
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