DOW opens sharply lower and it’s trading down nearly -900 pts at the time of writing. The strong break of 55 day EMA (now at 27340), and bearish divergence condition in daily MACD, suggests that 29199.35 is at least a short term top. Currently, we’re viewing it as a correction to the rise from 18213.65 first.
Even that case, deeper fall would be seen to 24971.03 cluster support (38.2% retracement of 18213.65 to 29199.35 at 25002.81), which is also close to 25000 psychological level. Reaction from there would tell use whether this assumption of correction is correct, or DOW is indeed reversing the whole move.
