Dow Jones Industrial – outlook for September 22, 2014

Dow-30 is lately the strongest among major US indices. It marked a new all time intraday and closing high on Friday, although it closed off its daily highs. There is good support in the 17.100-17.150 region and some re-visit of this area is not unlikely. It is normal to see some retesting of such crucial support levels after an all-time high has been marked. What is important for the index is to maintain its general strength and absorb short-term overbought conditions before it sets new records. We need to see a clear breakout and support at current levels holding.

Dow Jones Industrial, daily chart:
DJIA_daily_20140919

Chart courtesy of StockCharts.com. http://stockcharts.com

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