Wall Street closing again at unchartered territory

• US indexes soared and closed at all-time highs for an umpteen time in the last 12 months.
• Global growth and solid US employment figures underpinned equities.

It was another great day for US equities, with the Dow breaking above the 25,000 level, to close the day at 25,075.13 after adding 152 points. The Nasdaq Composite gained 12 points and closed the day at 7,077.91, while the S&P gained roughly 11 points, to close at 2,723.99.

The rally was backed by sings that the global economy remains in the growth path after the latest Markit PMIs for the EU and the US confirmed solid growth to end 2017. Higher oil prices, with the US benchmark, WTI surpassing $62.00 a barrel after the EIA report showed a larger-than-expected drawdown in crude inventories, helped index to remain buoyed. The ADP survey, showing that the private sector added 250,000 new jobs' positions during  December, added to the ruling optimism  and anticipating a strong NFP outcome for this Friday. Financials and tech-related equities led advancers, while among the few losers, retails outstood.

Technical analysis

Regardless being at unchartered territory, the Dow's daily chart shows that there's further room to go up, as the latest consolidative phase helped technical indicators to correct most of their overbought conditions, with the Momentum now steadily recovering after nearing its mid-line, and the RSI indicator heading north, around 74. A now bullish 20 DMA keeps leading the way higher, currently around 24,740 which means that the index should shed over 300 points during the next few sessions to signal a possible relevant downward corrective movement.  

Shorter term, and according to the 4 hours chart, the index is developing far above all of its moving averages, while technical indicators have lost their upward strength, but hold at their highs within overbought territory, rather reflecting the decreasing volumes at the end of the day, than suggesting a downward movement ahead.

Support levels: 25,042 24,988 24,936

Resistance levels: 25,104 25,140 25,180