The Dow Jones climbs back as investors bet on a dovish Fed for the foreseeable future.
The rally above last June’s high, at 34850, indicates that the buy-side has overwhelmed the sell-side. The index keeps rising relentlessly along a bullish trendline established in late June.
Sentiment remains upbeat and the bulls are aiming for May’s peak at 35100, a prerequisite for a new record high.
An overbought RSI may trigger limited retracement. 34720 along the trendline is the immediate support in case of a pullback.
