Below looks at the Dow since the early 1900s on a monthly basis, with momentum applied in the upper part of the chart.
Today's Dow is attempting a breakout of this 70-year channel at (3) as the trend is strongly higher.
As it tests this breakout level, monthly momentum is at lofty levels. The only other time monthly momentum has been this high in the past 100 years was 1929, 1955, 1987 and 2000.
Stock bulls don’t want to see selling pressure start at the top of this 70-year channel with momentum this high.