Depthless retracement mantains up trend

DJ Resistance:  18,351     All-time high
                           18,206     Breakout
                           18,103     2014 peak

DJ Support:      18,010     50 Days moving average
                           17,925  
                           17,750
                           17,600     200 days moving average
                           17,579     Very strong
                           16,990     Very strong

Technical Analysis:
Technically the trend is up although the depthless retracement. DJIA maintains itself in the high range, 50 days moving average and DJ17,925 confirmation as support are constructive for the bull case.
There is a recent negative trend line from the DJ18,351 all-time high that is working as resistance, please watch the chart.
The great supports are DJ17,579 and 16,990, below them we could get an important correction of the market.
Please watch the chart where you are going to see the consolidation range, supports and resistance very clear. And please click over to enlarge it.

Fundamentals:
The summer season for the stock market started unofficially this week.
The mixed economic news continue to flow, Chicago PMI came this Friday showing a scary 46.2 (negative under 50) and the ISM Manufacturing report on Monday shows an acceleration to 52.2 from 51.5. If both were under 50, specialists could begin to speak about possible recession.
Personal Income improved but consumers are not spending more. Factory orders slipped 0.4%, it is the eight negative month in the last nine. U.S. house-price gains accelerate.
Rumors about rate hike for September, you can imagine how strong dollar could affect exports. I rule out interest hike for the third trimester barring U.S.A. gets a big increase in the consumption.
Dear traders and investors, are we going to have a Summer Rally? Expect more stock range bound for the moment.

Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises