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Dow Jones builds a base below 38,500

On February 23 the Dow Jones set a record high at 39,282. The relapse that followed into and after the end of that month saw it fall to a low at 38,457 on March 5. The index tried the downside again on Monday, but found a base at 38,483. The rebound yesterday saw it climb above and close above 39k, at 39,005. So, as you can see from the chart, the index has now formed a base below that 38,500 level. That could mean we are soon to see a test of the records set at the end of last month, or that price area below 38,500 will become a target for the market to aim at. It is rather uncertain right now which one that will be. What is clear though; is the rising trend for stocks has not yet come to a terminal end. The Dow Jones futures have held a tight range overnight and right now are not much removed from the close, in terms of indicating where the index will reopen later today
 

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