The long term DJI picture is really worth updating today. Below are two DJI charts going back to 1927 ... one is a simple yearly tick chart and the other is a semi-log tick chart.
When looking at both charts, note that the current level is at the top of an expanding wedge pattern which cyclically should be moving down to the bottom support line. This is the predicament the Federal Reserve is in now.
They want to keep pumping in money until the economy can function on its own without QE money, but they are running out of time due to where the DJI is in its cycle.
This chart shows the DJI plotted in a semi-log format.
