‘Golden cross’ appears while 200-day moving average is rising
by Tomi Kilgore
Market Watch
A bullish ‘golden cross’ chart pattern has appeared in the Dow Jones Industrial Average, and this one may have a better shot of working out for investors than the one that failed just four months ago.
This might give some technical analysts more confidence that the Dow’s rally can continue at least until it breaks above the May 19, 2015 record close of 18,312.39, which is just 1.7% away from current levels, before it stops.
The Dow’s 50-day moving average, which technicians use as a shorter-term trend tracker, moved up to 17,121.41 on Tuesday, from 17,085.42. That crossed above the 200-day moving average, widely-viewed as a guide to the long-term trend, which rose to 17,116.47 from 17,115.10.