Technically bullish but.......

Very sorry for the delay, there was a massive internet breakdown in my area

DJ Resistance:  18,289     All-time high
                           18,054     2014 close high
                           18,000     Psycological barrier

DJ Support:      17,579     Strong March low
                           17,480     Strong 200 days moving average
                           16,990     Very strong
                           15,854     Very strong

Technical Analysis:

DJIA has found a very good support for the short term at DJ17, 600 or more precisely at DJ17, 579 March low. The S&P and NASDAQ Composite dis the same at SP2, 040 and 4,825. The next important resistance for DJIA is DJ18, 054 which is the 2014 closing high and for S&P is SP2, 093 the 2014 high.

There is a range for the short term DJ17, 579-18,289. This support is very important for the market direction and should attract buyers. The consolidation range after the up move in October, November and December is DJ16, 990-18,279 which is bullish and constructive barring a breakdown of DJ16, 990. DJIA risk a long correction below this level. If the support at DJ17, 579 is broken, we should be prepared for a possible correction of the market.

According to the technical analysis the trend is up and the panorama is bullish.

Please click over the chart to enlarge it

  Fundamentals:
 I have commented that the interest rate increase is going to be done in September 2015 as earliest. The majority of economist and analyst expect it for June. The unemployment figures of last Friday weight on my expectations about the interest rates. We need the confirmation or the correction of these figures. The earnings season for the first 2015 trimester begins unofficially this Wednesday with Alcoa results after markets.

Dear traders and investors, the corporate earnings of the first 2015 trimester are going to drive the market. I don’t think that the market needs spectacular earnings to maintain optimistic with the stock market but they should be positive. I expect earnings below the 2014 first trimester figures                   Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises