DJ Resistance: 18,289 All-time high
18,053-18,103 2014 Peak
DJ Support: 17,980 50 Days moving average
17,750 Light
17,579 Strong March low
17,410 200 Days moving average
16,990 Very strong
15,854 Very strong
Technical Analysis:
S&P and NASDAQ Composite got new all-time high, DJIA no. After new highs the stock market retraced but it is still in a position to attempt new territories.
In technical analysis the resistances are more important than the supports. The attempt and the April consolidation in the upper side are very constructive for the bull case.
50 Days moving average DJ17,990 and the positive trend line, please watch the chart, are important supports in the short term. Below those levels we could see a retracement to DJ17,579.
The consolidation range in the big figure is DJ16,990-18,289 and the chart shows clearly the trend of the stock market to the upside. We have to pay attention to the last three months range DJ17.579-18,289.
Market uptrend is in play.
Please click over the chart to enlarge it.
Fundamentals:
DJIA is the weakest and is lagging. The stock market needs a catalyzer to get new all-time highs. April is ending, the earnings season and economic news were not so satisfactory to the investors to trigger big buys that would bring the market to unknown territories.
As I have explained, the absence of a new catalyzer maintains the stock market in the range bound trading DJ17,579-18,289.
Dear traders and investors, there are two possible catalyzers this week to put the market on new highs. On Wednesday, Q1 GDP and on Friday ISM Manufacturing.
Not too much to say, this week is decisive. Regularly May is not a good month for trading.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
No hay comentarios:
Publicar un comentario