![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoHmAX9FqjovsMkhI3W5-PihUBiuvoopmi5yrSh91oOvtnm8BccSClTe-wftmj9npD5VSFvqGX9_1lUoYqwdRwd83wFM6RXlNR4u_nAkkP5y86b9Wv3iloXqOEOnM5y6iFjAhc7A/s400/DIA052109.gif)
Here we see the Dow Jones Industrial Average (DIA; 60 minute bars), with the new 20-day highs (top number) and 20-day lows (bottom number) superimposed for key trading days.
Note that we're trading in a wide range defined by today's (and the 5/15) low and the highs of 5/20 (and 5/6). We can see that new highs tailed off at the 5/20 highs relative to the early May period, and now we see new lows approaching the level seen on 5/13.
A break of the range lows accompanied by an expansion of 20-day lows would be a bearish development on an intermediate-term basis. Weakness in 10-year Treasuries (rising rates) and a weak dollar have been taking a toll on stocks lately, particularly since the recent release of Fed minutes. I'll be watching those markets for further indications of macro dynamics that could weigh on stocks.
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