DOW surges sharply in early US session and finally catches up with S&P 500 in making new record highs. S&P 500 is also strong, gapping up and hit record high too. NASDAQ on the other hand, lags behind even though it’s also trading in black.
DOW’s break of 26616.71 indicates resumption of the long term up trend. Such up trend didn’t start last year, but way back at 6469.95 in 2009. The record run has indeed started in early 2013 when the US economy has finally come out of thew worst global financial crisis since the WWII, with all the hard work by the government back then and Fed.
Anyway, technically, the next medium term target for DOW is 38.2% projection of 15450.56 to 26616.71 from 23997.21 at 28262.67. It’s too early to tell if DOW could get through this level given that it’s so late in the cycle. We’ll see.
