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Dow Jones Industrial Average relative strength on the rise

The overall US equity market is still having a hard time stabilizing and catching its footing, however, if we examine the major US indices closer we do notice more and more relative strength coming out of the Dow Jones Industrial Average.

This past week it never took out its September lows, the MACD momentum oscillator continues to climb aggressively, and on Friday we remained in the top 1/3 of Thursday's bullish engulfing bar.

I started a position on Thursday and will keep a tight leash risk managing it going forward. More notes on the chart.