On September 30, 2022, it was noted that “Commercial Futures Traders are positioned for the Dow to move back above 36,000 during the first quarter of 2023″. As of today, that expectation has not changed. Based on similarities of the 2007-2008 and 2021-2022 Dow structures illustrated below, a review shows a close of 10,962.54 on July 15, 2008 was followed by a higher close of 11,782.35 on August 11, 2008 before starting a significant decline going through September to November 2008. Market data calculations will need to be monitored closely over the coming weeks to see if Market Makers or bankers change priorities and start a decline earlier than expected.
Stock chart courtesy of StockCharts.com.
2021 – 2022
2007 – 2008
