As the Dow Jones industrial average surpassed the 20,000 milestone Wednesday, top Wall Street technical analysts said the market has more to go based on the charts.
Dow Jones industrial average one-year chart
Dow's breakout "seems legit," said Louise Yamada of Louise Yamada Technical Research Advisors in an email. "The indicators are positive."
She is not alone as other technicians see promising signs in terms of market breadth and historical corollaries.
"This is a legitimate upside breakout. It is not only broad-based but the leadership in small and mid-caps is very encouraging. I've had an upside target of another 5 percent for a while," Altaira Capital Partners' Ralph Acampora wrote in an email.