- Dow Jones is supported by rate cut expectation.
- New historical prices are expected in the near-term.
The Dow Jones has hit a record level, the longer outlook is now bullish as the index successfully closed above technical resistance of 26,850 and re-tested it, moreover, the Relative Strength Index (RSI) breakout the bearish trend. That being said, we do believe we could see the buying momentum to continue and push prices further toward 27,500 and 27,750.
On the other hand, any close below 26,680 to 26,620 region raises the risk for a move back towards 26,250 and 25,800.