DOW finally catches up with S&P 500 and NASDAQ and hits new record high today. Considering overall upside momentum in the markets, DOW should target 100% projection of 24680.57 to 27398.68 from 25440.39 at 28461.57. This will remain the favored case as long as 26918.29.
The strong support from 55 week EMA is also a sign of medium term bullishness. Though, we’d still be cautious on near term topping as DOW approaches 61.8% projection of 15450.56 to 26951.81 from 21712.53 at 28820.30.
