Can the Dow Industrials Hold Above This 40-Year Price Support?

The Dow Jones Industrial Average fell nearly 40 percent during the March market crash.

But it seemed to recover from a familiar technical price level.

In today’s chart, we highlight a key confluence of support where the Dow Industrials reversed higher off of… and why it need to hold.

The March low took place right at the lower edge of the 40 year up-trend support channel, formed by each (1).

This support level was fortified by another trend line that is marked by the 2000 and 2007 market tops at (2).

Needless to say, the bulls need this support to continue to hold. If not, selling could accelerate on this important global index. Stay tuned!

Dow Jones Industrial Average Chart

dow jones industrial average long term trend support line must hold bear market

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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