Dow Jones

Key insight

52,856 Oct 21 high is immediate resistance — hold above 51,900 50-day MA to keep bull structure intact; Fed hike signal + 3.7% CPI are the ceiling.

Pulled back ~835 pts from Wed Oct 21 close of 52,856 to 52,020; rotation from AI into value supports Dow, but hot CPI (3.7% YoY) and Fed hike signals cap upside.

Main risk

Fed rate hike signal re-emerges

Fed minutes flagged another hike with no timeline; 10-yr yield pressure could compress Dow P/E multiples below 51,000 support.