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From : International Equity Index Daily Hotline: 27 August 2014
Chart of the day: Record high by Dow

 

The previous sell-off by the US Dow Jones Industrial Average became oversold by the beginning of the month (see low level of the RSI back then).  At this point, support arrived at the 200-day moving average, at 16312.7.  Since then, the market has clawed its way back up to the ceiling, at 17151.6, actually trading above that level during Tuesday's session, taking valuations into unchartered territory. 

A sustained fall below that 200-day MA would be required to damage this pattern.

 






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