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Dow Jones sets an inverted hammer but will it matter?

On Friday the Dow Jones reached a new all time record high, at 39,282. However, the index was not able to hold all of that and later closed the week at 39,131, with a gain of 62 points on the session. That said was still a record close for the index. At the same time though, if you care to look at a daily candle chart of the Dow, you will see it put in place an inverted hammer formation. Now this can be a negative indicator, especially when seen at the top of the run. Well, there is no greater top of any run for this index than where it got to on Friday. The index futures have probably not ignored this by the looks of it and earlier were pricing a reopening close to 39,050. They are off that low now, but it remains to be seen if the index can brush that negative formation to one side later, when live trading resume. The Dow is right now still priced to reopen lower, at around 39,105
 

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