‘Dow 20,000 Fever’ Not Far Off?

The Dow Industrials were feeling their oats Monday, forging higher ahead of the Thanksgiving holiday. At the intraday peak the Indoos were just 39 points shy of the 19000 threshold. This round-number benchmark undoubtedly has exerted a magnetic pull up till now, but we might expect it to turn at least mildly resistant as buyers probe and sniff it in the days ahead. Expect the same dynamic, only moreso, when bulls catch ‘Dow 20,000 Fever’ a few hundred points above these levels. That’s a very big number psychologically, and we therefore shouldn’t be surprised to see a lengthy stall if and when it is reached. For now, though, continue to use the 19489 target that I flagged here a while back as a minimum upside projection for the near term; and thence 19723, a Hidden Pivot resistance associated with a rally pattern of somewhat larger degree.