Today I took a look at the Dow daily chart, it is still on a good uptrend with even the Iran situation not putting a dent to the trend as it just retraced back to the upper trend line. Using Fibonacci extension, the next likely target could be around the 29400-29500 levels.

For any weakness, it has to break down from the upper trendline which will be around the 28700 level currently with another critical support at 28400. The longer-term trend line currently is at around the 27200-27300 level.

In a nutshell, the chart is showing us the path of least resistance is still to go long. Would be cautiously bullish as long as 28400 holds. I reckon the traders would really want to see Dow hitting 30k and beyond.

However, we ought to be cautious around Feb to March as April should see the end of the current