Dow Jones still bullish

DJ resistance:  17.000
                          16.970,17  All-time closing peak
                          16.900       Light

DJ Support:      16.743      Former all-time closing high
                          16.580      Strong
                          16.312      Strong
                          16.015      Very strong

Technical Analysis:
The positive trend up line from six months stays integrated and immaculate (watch six months chart).

What we can realize is that DJIA has tested its breakout level, DJ16.743 before resistance and now support, and bounced up. The last three close were on the upside. What does it mean? Buyers came at new support DJ16.743. Technically that is wonderful for the uptrend continuation. Retracements are to buy on the technical supports as I indicated last week.
The 20 days moving average supported the index drop at DJ16.730 (watch six months chart). 50 days moving averages should work also as a good support At DJ16.560.
This consolidation is positive and constructive for the DJ trend which is navigating in unknown territories.

All these put the Dow Jones Index Average (DJIA) in a bullish mood.

Please click over the chart to enlarge it.

Fundamentals:
The participants are focusing in the market swings with a bullish bias not paying attention to the geopolitical conflicts as always. Russia-Ukraine, Syria and the last Palestine-Israel confrontations could affect the markets.
The U.S. economy is doing better than bad, the corporate earnings are acceptable and great part of them are plenty of cash, and the low interest rates are supporting the market. The markets expect a recovery with the 2014 GDP at 3% or better.
The market is in a consolidation phase now after the breakout, I expect a positive earnings season in July. The corporate earnings are going to work as catalyzers to explore new horizons in the market. If that, we will have a Summer Rally, otherwise the market will go in a correction and we will get a boring August and September.
Dear traders and investors, please concentrate in the positive trend line and consider the breakdown of DJ16.015 as a possible deep correction.

Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises