One week more

DJ Resistance:  17,152     All-time record high

DJ Support:       17,040     Light Tuesday's low
                           16,971     Strong
                           16,805     Strong
                           16,743     Very strong May peak
                           16,580     Very strong
                           16,312     Strong
                           16,015     Very strong

Technical Analysis:
The DJIA (Dow Jones Industrial Average) got new all-time record high. Its scenery is stronger than S&P and NASDAQ COMPOSITE.
The DJ supported at its preceding breakout DJ16,971 on last Thursday, Friday and Monday, days with geopolitical pressure: Ukraine- Russia. Technically it confirms that we are in a consolidation phase and the trend is to the upside (watch the daily and 15 minutes chart).
Regularly, when the market is trending and stop consolidating, once the consolidation finishes it continues on the trend that brought before. It is to the upside in the near term.
The market's action is bullish. The S&P target is SP2,000. DJIA is very well supported by 20, 50 and 200 days moving averages.
Please click on the charts to enlarge them.

Fundamentals:

Economic news and corporate earnings that we are getting are in generally positive and constructive as we have expected. I expect them to continue to be good in the next days. They show the market uptrend path.

Dear traders and investors, this week we are going to be short in words, I have explained all the points for this uptrend in the previous blog actualizations. I ask you to navigate with the charts this July last week because we are in a very technical time. This is the "Summer Rally" and it should last until next week. I expect to see new records high and possible the S&P very near to SP2,000. August comes with the "Summer Doldrums", the volume decreases because the senior traders take holidays and participants can move the market easily. August can be boring and we could be surprised with the volatility. I suggest you to take some rest to be ready for the fight in the last four months of the year. The trend is up based on technical analysis and fundamentals and the market is in unknown territories, do not forget it!

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

Ulises