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Chris Kimble has updated his 70-year Dow channel chart. This is an interesting companion to the Dow Real Recoveries update I posted earlier today. Note that Chris's chart is based on nominal monthly data whereas the sixteen recovery charts are daily and adjusted for inflation.
Chris comments: Stiff resistance dating back 70-years remains in place. The head of the potential "head and shoulders" pattern took place on the underside of the 70-year line.
Until resistance is taken out, this pattern would suggest the market is at pretty lofty levels.
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