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Hugo in HTO Trading,

Dow Jones Industrial Average: Makes a new record high

Since the beginning of the year the index gain more than 6.5% and last week rose 0.38% in addition is in a bullish phase since the end of June.

Last week the index rose with a wide range and closed in the middle of the weekly range however managed to close above the previous week high, which suggests bullish momentum.

The stochastic is showing an extreme overbought market and is displaying lack of momentum.

Expecting a downward move to the 2015 high at 18,331 (scenario 1) on a rejection of the Fibonacci extension at 18,663 and a bounce from the weekly support at 18,331 could push again the index up to the Fibonacci extension at 18,663 (scenario 2).