The parabolic move of the DJIA that has been going on since the October 15th cycle low led to fresh record closing highs last Friday. Strong economic data combined with central banks’ liquidity injections support this market. The daily trend will be up as long as the index holds above 17.700. Below this level, there is crucial support @ 17.500, 17.350 (Sep 19 high) and 17.250. On the upside, 18.000 will likely be targeted this week as upward December seasonalities help.
Dow Jones Industrial, 5-hour candles:
Chart courtesy of Investing.com. http://investing.com
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