New record highs technical and clearly bullish

DJ Resistance:  17,411      All-time record high


DJ Support:      17,330
                           17,279.94  Prior all-time record close
                           17,152       July's peak
                           16,990       Strong
                           16,588       Strong 2013 peak
                           16,320       Strong
                           16,015       Very strong
                           15,850

Technical Analysis:
DJIA has bounced up getting new all-time record high. This last up move has approximately 1,550 points from its low and it took three weeks.
It seems that the market needs to rest but the result of the elections could catalyze it.
The short term small range is DJ17,330 - 17,411 and the stabilization area is DJ16,990 - 17,411. DJIA has to fight and overcome its resistance, if it fails we are going to face a selloff, But DJIA, S&P and NASDAQ COMPOSITE are technically bullish. The DJ16,990 support violation should be considered as a possibility for a correction.
The long term uptrend is still in place. Personally I expect to get S&P2050 this year.
Please click over the chart to enlarge it.

Fundamentals:
The result of the elections and this week important economic news as unemployment on Friday are going to play into the market's direction.
As I commented in the last weeks the U.S.A. economy is doing well but EU, China, India, Brazil and some Asian countries like Japan are in a weak mode. This could weigh in the U.S.A activity for example the trade deficit grew last months due the decreasing exports to EU, it was because the feeble European consumption. The strength of Germany relies on exports not in its internal consumption.
Dear traders and investors, the Friday unemployment figures are going to rule the markets. What could we expect? I think some hectic days, then some rest of the markets and Thanksgiving rally. This is my own speculation. At the beginning of 2014 I told you my expectations to see this year S&P1,900 and very possible S&P2000. Those goals are accomplished and there is more room. Nothing is written.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!

Ulises