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Dow Jones slips back from fresh rebound high at 35,410

On October 27 the Dow Jones fell to its lowest level since peaking in August, at 35,679. The low seen that day was set at 32,327. Since then it has been a pretty dynamic rebound and one that has taken it ever closer to that August 1 high, at 35,679. The index rose to 35,399 on Friday and later closed at 35,390. It has just now reopened at 35,376 then set a new rebound high at 35,410. That high was right on the opening, but you would have to have moved like a rattlesnake to sell any up there. It is now edging back down a little. So, as the index is clearly within striking distance of the current 2023 high; can it now make it past that level? Well, technically the index is a little overbought that could deliver a corrective move lower. At the same time there is no denying the demand of US stocks remains solid, based on the latest earnings reports and the desire by many leading operators to continue to gun for a Santa Claus rally. Much will also depend on the US bond markets and how they react to the latest US PCE data, due out on Thursday. There will be more to say about that in due course. Meanwhile, the Dow Jones is just slipping back to around 35,339
 

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