Mapping the Market: Dow eyes another run at a rally

By Terence Gabriel Oct 14 (Reuters) — The Dow Jones Industrial Average has been climbing in recent sessions. Even so, it's still closer to its four-month lows than to its record high. Its main index peers, the S&P 500 and Nasdaq Composite, both hit all-time highs last week. A new slide looks less likely after the recent bounce, but several hurdles stand between the Dow and fresh peaks, technical analysis suggests. Click here for a detailed technical analysis chart. Technical analysis uses past price moves on charts to help map out market scenarios. Chart watchers look for support, a price level that acts like a floor because buyers tend to step in there. They also look for resistance, a level that acts like a ceiling because sellers tend to show up there. One tool for finding these levels is called Fibonacci retracements. Markets rarely move in a straight line. When they pull back after a big move, they often give up a fairly predictable share of their gains, such as 23.6%, 38.2% or 50%. Analysts mark these percentages on charts as possible turning points. Lately the Dow has found support near 51,043. That level is the 38.2% retracement of its rally from March to August, according