INDU Dow Industrials Daily Chart Price Matches High from Four Years Ago

Another feather in the bulls cap today comes with the Dow Industrials price exceeding the April 2011 close thus placing the Dow at levels not seen since early 2008, four years ago!  Note the difference between this Dow chart and the previous Nasdaq Composite posted.  The Nasdaq 100, XLK and Nasdaq Composite charts are all at the 2001 highs. The Dow will need to exceed the 14000 plus high at the October 2007 top to ever dream of exceeding numbers from over a decade ago. For now, 4-year highs must do.

Also of interest is that the Dow exceeded the closing high from 4/29/11 at 12811 but price did not exceed the intraday HOD, however, from that period at 12928 on 5/2/11. Thus, keep an eye on 12928 in Monday's action.

Note the purple line H&S (head and shoulders pattern) that reached its target at 11K, then the green H&S formed with a neckline at 10.5K that targeted the 7000-ish area.  At the bottom, the blue inverted H&S led the way back up targeting this current 12500-13000 level. A pull back is needed to rest from this obscenely strong rally move but another matching high should occur afterwards.  This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor befofe making any investment decision.