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Dow Jones Industrial Average on Bullish Streak

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Andrew R. Michaud

• August 14, 2023

The Dow Jones Industrial Average is showing signs of continued bullish momentum, with four consecutive gains pushing the index to within 800 points of its October record. As of midday Thursday, the Dow was up 173 points or 0.7% at 26,086.

Approaching October Record

On October 3, the Dow reached a record high of 26,828.39. With its current level, the index is just 745 points away from that all-time high.

Bullish Golden Cross Formation

In addition to its consecutive gains, the Dow has also formed a bullish golden cross. This occurs when the 50-day moving average crosses above the 200-day moving average, a technical signal often interpreted as a positive sign for the market. The Dow's 50-day moving average stands at 25,180.51, while the 200-day moving average is at 25,166.

This bullish cross formation comes after a bearish death cross appeared on December 19, making it a significant turnaround for the index. The last golden cross appeared on April 19, 2016, following a death cross 66 sessions prior.

S&P 500 and Nasdaq on the Rise

Alongside the Dow's upswing, the broader market is also showing strength. The S&P 500 index rose 0.6% to 2,851, while the Nasdaq Composite Index advanced 0.7% to 7,766.

With positive momentum building and key technical indicators signaling bullishness, investors are closely watching the Dow Jones Industrial Average as it inches closer to its October record high.