Courtesy of Chris Kimble.
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The Dow remains inside of a 5-year rising channel.
The 10% decline in the Dow this summer, took it down to test rising channel support at (1), which held the last week of August.
Since hitting channel support, the Dow has rallied for the past 7-weeks.
The Dow closed last week at its 61% Fibonacci retracement level and at the same time it is kissing the underside of a 3-year old resistance at (2).
In my humble opinion, a key test of dual support-term resistance is in play today and it would not be that great of a place, for the Dow to run out of gas!
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