Dow Stands Less Than 750 Points Shy of a Record, as a 'Golden Cross' Forms in the Blue-Chip Benchmark
Tuesday, 19 March 2019 23:41 WIB |
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The Dow Jones Industrial Average on Tuesday looked set to extend a bullish turn that has seen it register four consecutive gains, putting the index less than 800 points from its October record.
Most recently, the Dow was up 173 points, or 0.7%, at 26,086, as of midday Thursday. On Oct. 3, the Dow hit a record at 26,828.39, with its current level putting it about 745 points short of that level. The blue-chip gauge's rally, headed for a fifth straight day, also has formed a bullish golden cross, where its 50-day moving average crossed above its 200-day moving average, a feature often viewed by market technicians as a bullish sign in an asset. The Dow's 50-day stands at 25,180.51, while the 200-day is at 25,166. The bullish cross comes 60 sessions after a bearish death cross appeared on Dec. 19. The last golden cross appeared on April 19, 2016, which was 66 sessions after a death cross appeared.
Meanwhile, the S&P 500 index was up 0.6% at 2,851, while the Nasdaq Composite Index advanced 0.7% at 7,766.
Source : Marketwatch