The Dow extended gains to an all-time high as investors rebalance assets away from over-stretched growth stocks. The index continues to grind higher along with the 20-day moving average as a sign of optimism.
Following its breakout above the 33700-34250 range, buyers seem to have regained control of the price action. A runaway rally gained traction after sellers closed their positions when it was still cheap to do so.
An overbought RSI may suggest a temporary pullback. 34200 is the immediate support in case of a pullback. Further down, 33770 would be a critical level to maintain the short-term bullish fever.