The Dow Jones continues to propel higher after a breach of the channel it was recently contained within; but as discussed yesterday, what is viewed as the more important index – NDX – continues to maintain its orderly ascent. This helped keep the Dow and S&P breaches in perspective as potentially transient events. To reach a new record the Dow needs to break 31272. If it does, then a pair of top-side trend-lines (from June & November) are in near confluence near 31800 and could be the next top-side objective. On the down-side, support clocks in right around the 30k mark and March trend-line.
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Dow Jones Daily Chart (31272, top-side trend-lines to watch)
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—Written by Paul Robinson, Market Analyst
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