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Dow Jones still battling back after a record downside run

As you know, from reports here if nothing else, last week the Dow Jones snapped what had been a 50 year record run of lower daily closes. That run was 11 straight days of negative closes, not seen since 1974. The price action since has seen the index rebound from a low at 42,146 last Friday. The index later closed that day at 42,840 and it managed to build on that yesterday, when it closed 66 points higher, at 42,906. However, that close was still below the rebound high set at 43,216 last Friday. The high seen yesterday was set at 42,957. Technically that rebound high (43,216) was just short of a Fibonacci objective (38.2% of 45,073-42,146) at 43,264. So this is still the next level on the radar going forward, should the current rebound continue. The Dow will be open today, but it is set for an earlier close, at 6pm GMT. There are a couple of reasonably important US data releases due out today, which could impact that close. At 1.30pm GMT we get the December Philadelphia Fed manufacturing index (last at -5.9) and then at 3pm GMT we get the December Richmond Fed manufacturing index (expected -10 from -14). Right now the Dow Jones is priced to reopen around 42,900 
 

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