INDEX:INDU   DOW Industrials [Test]
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THE BIG PICTURE: Supporting the latest move in the Dow is the legacy up trend line which is approaching a century in duration. The current up swing is just another thrust or impulse higher. It's apparent that the old highs have been surpassed enough to justify a buy signal in anticipation of a major move. Each major previous bull market lasted at least 30 years. Both bear markets were not enough to break below the trend line .
THE TECHNICAL STANDPOINT: Although it is easy to submit a bullish bias, the execution is going to be critical. Most pullbacks have been shallow, but the chart suggests that a major down swing is required to get price to the long term trend line . If the past breakouts are any indication of the future prospects for the Dow, then the highs of 2007 will be left in the dust.
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