The Dow Jones Industrial Average (DJIA) broke out of a short-term bull-flag a little over a week ago and along with it the consolidation pattern in place since early May. This has old-school stocks leading the broader market higher.
Of course there isn’t any resistance now that the DJIA is in record territory, so it will be a function of gravity playing its part on how high it could climb. Given the extended sideways movement in recent months, this could be a fairly extensive leg higher.
In the near-term, a dip from here will have the October trend-line in focus as support. It isn’t the cleanest form of trend support, but will nevertheless be viewed as a potential floor. It would take a sharp punch lower followed by an inability to turn around quickly, before considering that a correction (or worse) could be underway.
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