Since the beginning of the year the index gain more than 0.5% but last week lost 0.12%.
The Dow index is in an accumulation phase since mid-March 2016 plus is trading above the 10, 50 and the 200-week moving averages.
Last week the index went back and forward without any clear direction however managed to close near the high of the week, but closed within the previous week range, suggesting a weak bullish momentum.
The Stochastic is showing a overbought market although is still displaying a strong bullish momentum.
Expecting an upward move to a weekly resistance at 17,775 (scenario 1) on a break above the previous week high at 17,552 or a break below the previous week low at 17,298 could push the index down to a key level at 17,013 (scenario 2).