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The above chart of the Dow Jones Industrial Average, goes back to the last 1950’s, based upon monthly closing prices.
The Dow remains above Megaphone support at (1), which remains a positive for the “Risk On Trade” at this time. Even though support remains in place, sentiment reflects that overall, investors are not very excited about stocks at this time, as small speculators have few long positions at this time (lowest in years).
From a long-term trending perspective, the “Risk On” trade wants/needs support to hold at (1) above.
If support would give way, it would be a break of a long-term support line, which would send a concerning message to stocks. Monthly support at this time comes into play at the 16,700 level.