17,279,74 All-time closing high
17,152 Prior breakout point
DJ Support: 16,980
16,935 Strong
16,743 Very strong (May peak)
16,588 Strong (2013 peak)
16,355 Strong
16,015 Very strong
Technical Analysis:
DJIA and S&P have gotten a new historical high last week and they have pulled in. This reverse have worked the last three sessions.
DJIA should support between DJ16,980 to 16,935 and has the bullish consolidation range DJ16,935 - 17,152. For S&P the bullish range consolidation is SP1,971 - 2011. This time DJIA is stronger technically than S&P and NASDAQ Composite.
The market is consolidating, the medium term trend is to the upside. Stay firmly long over DJ16,935.
Please click over the chart to enlarge it.
Fundamentals:
The fundamental scenario is similar to the last fifteen days. Let's say the current U.S.A. economic data has being strong, European Union is still weak and signore Draghi is ready to stimulate the Economies and Monday's Chinese growth fears were overdone with the September China's manufacturing surprise improvement.
The geopolitical scenario is worst with the new military activity in the Middle East. The status among Ukraine, Russia, U.S.A., E.U. and NATO is lighter than fifteen days ago, of course, there is always the latent danger of the resumption of hostilities.
Dear traders and investors, I am still optimistic with the stock market because the trend is clear to me and I know that the worst month of the year about profitability is September, August is about trading due hollidays that reduce the volume. I think that the catalyzer that market needs is the September non-farm payroll and unemployment figures.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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