The host sees the Dow consolidating around its weekly 21 EMA but poised for new highs.

The host sees the Dow holding in a sideways range and says a new up leg could start only if it breaks above the current level.

The Dow also has its 200-day sitting right below, part of the same broad battleground pattern with no directional call.

With four straight up days, the host sees the Dow still accumulating upward momentum and expects the major indices to resume a grinding uptrend.

The host admits he was wrong about more downside; the Dow is holding support in an energy-building phase, and a break higher should trigger another leg up.