The Dow Jones rose in the intraday levels, breaching the resistance of 15,906, which represents the ratio 26.6% of Fibonacci retracement levels for a descending wave in the short term (from 17,659 to 15,365), which lent the index positive momentum that propelled it higher, trespassing the SMA50 for the intraday levels, getting rid thereafter of its negative pressure and benefiting from its positive support in the coming trading.

Therefore we expect more gains to come for the index, targeting the resistance of 16,512, representing the ratio 50% of the same retracement levels mentioned earlier.

Trend Bullish