18,206 Breakout
18,103 2014 peak
17,995 Negative trendline
17,925 Breakdown
DJ Support: 17,699 Last 2 months support and June low
17,635 200 days moving average
17,579 Very strong
16,990 Very strong
Technical Analysis:
DJIA is in the range bound and the first important support DJ17,699 is working well during the last 8 weeks. It contained two strong attacks, One last week and the other this one.
The intermediate trend is still bullish but we are facing some weakness that could help to violate this first important support.
Small range to pay attention is DJ17,699-17,925.
Supports should draw buyers. Usually May and June volume is lighter than July.
Bullish trend is still in place.
Please, click over the chart to enlarge it.
Fundamentals:
Grexit (Greece) continues dominating the market sentiment and news. Positive housing starts, building permits and Tuesday and Wednesday Fed meeting weigh over the financial markets.
Q1 earnings season is almost out and Q2 earnings season is coming in about 3 weeks. Market expects a reduced corporate earnings for the Q2.
I would point the market resilience support 10-year Treasury note yield's recent spike and the concerns over a potential Greece-debt default.
The stock market needs a new catalyzer to breakout to a new historical high, it could come through Q2 earnings season. Are we going to have a summer rally?
Dear traders and investors, I expect the stock market to stay in range-bound trading during the next two weeks. We could get surprises during this time. It is hard to define the market direction in the next 15 days because the long time in the range due the lack of catalyst to move the stock market in any direction. Please stay cool and do not take emotional decisions.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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