Very Long Term Dow Jones Industrial Average Chart

Projections are for a longer term bottom between 4900 and 5750.

This will likely set up a new bull market after a period of consolidation and recovery that will have a longer term objective in excess of 20,000 (in inflated dollars.)

There will probably be a false start recovery after the lows that will really be a significant rally followed by a fifty percent pullback before the bull market can start moving higher in a more steady and measured way supported by improving corporate earnings.

There will be significant skewing perhaps as a large number of Dow Index stocks are replaced by other viable companies.

SP Futures Hourly Chart

Here's looking at you, kid.

The Cost of Oil Production By Region and Volume

Data Source is CERA

SP Monthly Chart

If the bulls lose control of 765 we may see a fairly dramatic decline to set an intermediate bottom. There is potential to 545 but that seems rather extreme.

A measuring objective of 605 seems more likely, although it does seem a little early in the cycle for that in the first half of the year.