Friday's strong finish has created optimism, back above trendline support

The Dow Jones is back above the trendline support after falling below it last week, we can see Friday’s strong close created some optimism with the index now trying to consolidate higher. Currently, trading at around 38,758, the intraday support is once again along the trendline reading 38,611. Another break below would indicate weakness and could lead to a re-test of 38,242 and potentially 38,010. Towards the upside, traders will be eyeing the resistance of 38,933-39,287 going into the economic data due on Friday. The technical indicators are more neutral this week compared to a bearish outlook last week. The MACD seems like it is trying to bottom out with a reduced volume and the RSI is now back in the neutral area as it reads 46.