Chart of the Day - Tuesday, December 17, 2024

🏆 Today's Chart of the Day was shared by Matt Weller (@MWellerFX).
 

• The Dow fell for the ninth consecutive day, marking its longest losing streak in 40 years (1984). Despite the persistent decline, it's only -3.5% off a record high. 
   
• The uptrend has remained intact, but Matt points out that the index is testing a potential inflection point near $43k. 
   
• This critical level represents the 50-day EMA and the lower bounds of a four-month Rising Channel. While the recent decline has been orderly and harmless, selling will likely intensify if the Dow breaches this critical level. 
   

The Takeaway: After its longest losing streak in 40 years, the Dow is facing a critical level at $43k.