With the Dow surging 762 points, or 2.3%, in afternoon trading Friday, on the back of upbeat jobs data, it climbed back above the 50-day moving average (DMA), which extends to about 33,348, according to FactSet data.
Don’t dis the Dow Jones Industrial Average just because it’s made up of only 30 stocks, because if the stock market is going to bounce back from last year’s selloff, it’ll be the Dow that leads it.
And back on Dec. 14, the Dow’s 50-DMA crossed above the 200-DMA to produce a bullish technical pattern known as a “golden cross.” Since the 200-DMA is viewed by many as a dividing line between longer-term uptrends and downtrends, a golden cross is seen as marking the spot a shorter-term bounce flips to a longer-term uptrend.
The Dow has run up 17.1% since closing at about a two-year low of 28,725.51 on Sept. 30, 2022, which puts it in correction territory off the 2022 bear market. It would take a rally of 20% or more off that low, to at least 34,470.61, for Wall Street to stamp a new bull market on the Dow. The S&P 500, which climbed 2.3% to 3,895.08 on Friday. It’s got close to climbing back above its 50-DMA, which came in at 3,904.37, according to FactSet, but that 50-DMA is still below the 200-DMA at 3,996.04. That’s also about the level where a downtrend line starting at the March 2020 recovery peak extends.
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