The Dow broke above the resistance of 46700 last week and managed to add more advance on the price gap today.
As we projected last week, prices hit the second target of 47500.
Intraday Levels show the first support around 47000, where as long as prices hold above it, the advance wave could expand toward 47850 and above.
Below 47000, more of a drop could hit the market and support at 46400 could activate an advance again.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 47000 | 47500 |
| LEVEL2 | 46400 | 47850 |
| LEVEL3 | 45850 | 48100 |
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It’s interesting how the Dow has managed to break above the 46,700 resistance, but now the real test will be how it behaves around the 47,000 support level. If that holds, we could see a stronger push towards 47,850.