DJ Support: 18,053 Prior all-time closing high
17,916
17,823 2014 closing high
17,600
17,350 September 2014 peak
17,278 September close high
16,990 Very strong
15,588 2013 peak
16,320
15,854 Very strong
Technical Analysis:
The trend is to the upside in the long and short term.
DJIA and S&P have gotten a new record all-time high. NASDAQ COMPOSITE got its highest level in the last 15 years.
DJIA broke up its resistance at DJ17.916 and it is in new territories.
The first support for DJIA is at DJ18,053 (prior all-time closing high) and the next is at DJ17,916 the broke up and inflexion point. While the DJIA stays over DJ17,823 (2014 closing high), we have to consider it as very bullish.
Please click over the charts to enlarge them.
Fundamentals:
The DJIA and S&P did new record highs. The question is, first able if they could stay in these new territories and secondly if they can fly in them.
My guess is yes, they can. but for that the market needs more fuel.
In testimony to the senate, Mrs. Yellen showed that FED is patient with the rates increase because the inflation is low, there is still unemployment, the quality of jobs and FED is expecting prices to decrease due of the energy and import prices. Last GDP corresponding October-December came at 2.6% disappointing, Coming Friday we will have the revision of the GDP and the market is expecting 2.1%
Dear traders and investors, I am still optimistic with the stock market, please buy on the dips. Economist are debating about the date for the rates increase, June or September? I, personally, expect it for September at least.
The market is in a technically position with a bias to the upside.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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