Dow Jones Industrial Average “weekly” Chart
Shortly after the first rumblings of coronavirus hit the airwaves the stock market crashed. One of the hardest hit indexes was the Dow Jones Industrial Average. Planes, trains, and automobiles came to a crashing halt in activity.
During that crash, the Dow Industrials created a large gap at (1) on today’s chart.
Simply put, investors raced for the exits. This led to a multi-week crash… but as you know, the stock market rallied sharply after bottoming.
Fast forward to today and a handful of stock market indices have made new all-time highs. But not the Dow Industrials.
As you can see on today’s chart, the Dow Industrials rallied all the way back to “fill the large gap” near its highs but then reversed lower. That gap fill occurred last week… and the subsequent reversal lower is seeing the Dow Industrials break key support this week.
Is it possible the Dow Industrials created a “Double Top” as it filled the gap? Stay tuned!
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