Dow Jones holds below crucial level- Futures smashed today

On Friday the Dow Jones set a new opening record, at 45,054. That opening price was very close to the all time record high it reached on December 4 last year, when it got to 45,073. However, that opening level was indeed the top of the shop on Friday and of course the price action that followed was mostly to the downside. The Dow eventually fell back, to set a low at 44,507. It later closed 337 points lower, at 44,544. As just noted in the previous update on the Nasdaq 100, that was clear cut, negative outside day reversal to end the month. Well, unlike the S+P 500 on Friday, that was not a record monthly close for the Dow Jones. Furthermore, if you can remember updates from months and weeks back, the noted double top on the Dow Jones on the monthly and daily charts was not surpassed on Friday. To remind the reader on that; the Dow topped out on November 29, at 45,071. It then topped out at 45,073 on December 4. The observation of that double top at the time, should have served the reader well, because it delivered an almost 3,000 point fall to a low 42,297 on January 13. So, it was very close to being entirely unwound on Friday, but as you can see, it once again remained intact. There will of course be much more to add on this index over the coming week. Overnight the Dow Jones futures have been hammered and the risks of fall below 42,297 look live right now. The index has been priced to reopen as low at 43,800. It is right now priced to reopen around 43,870