Since 2018, whenever over 200-day moving average member stocks percentage get near %97, Dow Jones price got a correction and fell more than %7. The actual price is diverging to the upside from the 200-day MA as well. A mean-reversal move odds are increasing.
Starting from November, Dow Jones is moving within a bullish trend channel. The price is currently testing the upper trend line. Unless we see daily closes above 31145, the lower line of the channel, 30025 can be targeted. And, if the price breaks that line too, the 29000 level which is supported by the 100-day moving average can be the next target. 29000 level is also nearly 7 percent lower from the current top.