Dow Jones Industrials suddenly not looking too shabby

The Dow Jones has been out on vacation for the first half of this year, not really participating in the melt-up, and instead, consolidating and working off that sharp rally from Q4 2022.

After all, it was one of the first indexes to bottom from the depths of the bear and start leading things higher.

But now after all of this sideways consolidation, it's starting to offer up a favorable reward-to-risk if it can build momentum over 34,500.

Perhaps a possible rotation into YTD leaders and back into industrials for the second half of the year? I'm not so sure about that yet, but it's a chart worth paying attention to.