That is now the crucial psychological resistance, and the index stopped here a week ago. If the price does not jump above this level today or tomorrow, a double top pattern could form, which is a bearish reversal formation.
If the Dow closes above this resistance, it might be a strong bullish signal, with the next target from the medium-term perspective at around 33,000 USD.
Alternatively, the key support seems to be near previous highs in the 29,000 USD area, and as long as the index trades above this support, all time-frames look bullish, and intraday dips could be bought.
There really seems to be no alternative, and everything appears bullish for stocks, whether it is bad news or good news. Additionally, the strong Christmas season is coming soon, and we think that markets could easily do another 5-10% up till the year-end.
