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Market Extra: The Dow is on the verge of a bullish golden cross, but stock-market analysts aren’t exactly cheering

It should be time for celebration on Wall Street. A bullish golden cross is on the verge of materializing in the 122-year-old Dow Jones Industrial Average, coming after an anxiety-provoking dip more than two months ago.

However, the formation, which is widely viewed as an upbeat signal, comes amid a torrent of market indicators suggesting stocks aren’t entirely primed to explode substantially higher and could even break lower.

As of Thursday, the Dow’s DJIA, -0.78% 50-day moving average was at 24,736.36, while the gauge’s 200-day moving average was at 25,125.81, FactSet data show. At current levels, the short-term average is just about 390 points, or about 1.6%, short of crossing above the longer-term average.

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