March E-mini Dow Jones Industrial Average futures spiked to a record high on Thursday after 10 days of consolidation. The futures contract followed the cash market higher as it broke through 25,000 for the first time in history, tying the fastest 1000-point move in its history. Both moves were fueled by stronger-than-expected jobs data.
The main trend is up according to the daily swing chart. The uptrend was reaffirmed when buyers took out the previous top at 24896. A new minor bottom was formed at 24667.
There is no resistance at this time, only upside targets. Since the move is being driven by momentum, it will end when momentum shifts to the downside. The best indicator of a change in momentum will be a closing price reversal top.
A break back under the previous top at 24896 will also be a sign of weakness.
If the upside momentum continues, the Dow may make a run at an uptrending Gann angle at 25238. Overtaking this angle and sustaining the move will put the Dow in an extremely strong position.
On the downside, the nearest uptrending support angle comes in at 24662.