The Dow notched its 44th record close of the year and jumped back into its prior uptrend channel. The newly adjusted uptrend channel now has key support in the middle at 43,250. Backup help is at 42,500 and now represents the bottom of the uptrend channel. The middle of the uptrend channel is at at 44,000 with the recent lifetime high at 44,486. The top of the channel is at 45,500.
We predicted in February the Dow could make a push towards 50,000 and that likely comes next year. The good news is Nvidia (NVDA) was recently added and is the one stock that could easily get the blue-chips there next year. The company replaced Intel (INTC) to better represent the semiconductor industry along with Sherwin-Williams (SHW) which replaced Dow Company (DOW).
