DJ Resistance: 18,351 All-time high
18,206 Breakout
DJ Support: 18,103 2014 Peak
17,925
17,699 Last 10 weeks low
17,579 Very strong
16,990-17,050 Very strong
Technical Analysis:
DJ17,579-18,351 is the trading range. The support at DJ17,699 (last 10 weeks low) was confirmed twice with solid bounce up.
The S&P and the NASDAQ COMPOSITE did new all-time high, DJIA is lagging. The follow through after new all-time high was light as it is during this year.
The significant next test for the stock market is S&P 2,134.
The sluggish trend is clear to the upside and the market is ready to attempt new record highs. We can get a bearish attempt before earnings season but the market confirmed to be well supported.
Please, click over the chart to enlarge it.
Fundamentals:
In two weeks earnings season is coming. Grexit is almost out for the moment, EU is analyzing its last proposal and in principle it is considered acceptable because the Greeks have accepted to reform the pension funds (in some professions one could get the retirement at 52 years old) and the taxes.
Markets need to eliminate uncertainty. Without Grexit there is clarity and with earnings season the U.S. stock market should look for new records high.
Dear traders and investors, it seems to me that the market is going to stay in sideways trading for the next days. Trading is not easy this year.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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