The 200 day moving average doing what it does best.
Putting a lid on the price of the DJIA.$DIA pic.twitter.com/TumvH2Uuns
— Greg Rieben (@gregrieben) November 2, 2022
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). The Dow continues to be in the spotlight after having its best October ever. It reclaimed its 200-day moving average on Friday, however, we closed solidly below it today after a nasty intraday reversal. Greg points out that this is the fifth time this year that the Dow has been rejected by its 200-day moving average. Was the Dow’s historic October just a brutal example of mean reversion within a downtrend?