To give you a perspective of DOW weekly here is the chart from March 2009 when this uptrend started. There are 5 big waves up to the top. Then a correction down and then you see the movement on the chart below with 8 and 21 week MA's. Our question is. Will this sideways trend break on upside or on downside. I think that it will break on downside latest in October but it could happen from mid August. This is my spontaneous reflection when I look at this chart. I do not believe in a new all time high getting above the 2007 top because the world economy is not expanding. I do not believe in a rising trend unless there are evidence that the economy get DEMAND. We have supply and capacity but demand is falling, not increasing all over the world. The interest rates cannot get lower so what FED and ECB does will not help. Austerity and saving decreases demand. What the US presidents did during the 1930's did not help at all. We are doing the same thing now. Then demand started first when World War II came.
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