DOW pressures psychological 22000 barrier
Dow Jones contract for September delivery hit fresh all-time high at 21993 on Wednesday, extending steep ascend from higher low at 21443 (24 July) into seventh straight day.
The index was strongly boosted by recent earnings reports and is looking for final break above psychological 22000 barrier which also marks Fibo 200% projection of the bull-leg from 20310 (19 Apr trough).
Break higher would extend current wave C of five-wave cycle from 20477 (18 May higher low) towards its 100% Fibonacci expansion at 22142.
Meanwhile, steep ascend may be interrupted for corrective action as daily indicators are in deep overbought territory, but so far lacking any firmer bearish signal.
Solid supports are offered by rising 10SMA (currently at 21705) and 20SMA (currently at 21587).
Res: 22000; 22142; 22335; 22543
Sup: 21929; 21863; 21705; 21587