The Dow Jones Industrial Average continues its bullish run, with four consecutive gains bringing it within 800 points of its October record. Currently, the Dow is up 173 points or 0.7% at 26,086 as of midday Thursday. On October 3, the Dow reached a record high of 26,828.39, leaving it just 745 points away from that milestone.
Bullish Golden Cross Formation
In addition to its upward momentum, the blue-chip gauge has also formed a bullish golden cross. This occurs when the 50-day moving average surpasses the 200-day moving average, a development that market technicians interpret as a positive signal for the asset. Currently, the Dow's 50-day moving average stands at 25,180.51, while the 200-day moving average is at 25,166. Notably, this golden cross emerges 60 sessions after a bearish death cross appeared on December 19. The previous golden cross occurred on April 19, 2016, precisely 66 sessions after the last death cross.
S&P 500 and Nasdaq Composite Index Show Gains
Meanwhile, the S&P 500 index is also experiencing growth, with a 0.6% increase at 2,851. Similarly, the Nasdaq Composite Index has advanced 0.7% to reach a value of 7,766.
PREVIOUS POST
