Pullback?

DJ Resistance:  18,351     All-time high
                        18,206     Breakout
                        18,104     2014 peak
                        17,978     November peak
                       
DJ Support:     17,810     Light
                        17,589     200 days moving average
                        17,579     August breakdown
                        17,210     Last bounce
                        17,125     Light
                        17,050    Very strong
                       16,933.43 September peak
                       16,667     Strong
                       16,460     Light
                       15,980     Very strong
                       15,651.24 Important
                       15,370.33 Very important

Technical Analysis:
There is a rally from the November low after a clear engulfing to the upside. This is bullish in the DJIA. The November peak DJ17,978 is an important resistance to go to the inflection point DJ18,104 (2014 peak).
The important support is at DJ17,579 and DJ17,589 (200 days moving average).
DJIA consolidation over DJ17,050 and DJ16,933.43 is bullish-leaning in the long run. DJIA, S&P and NASDAQ COMPOSITE are working technically over well-defined supports.
DJ17,978 (November peak) is going to be a battlefield for the bears and bulls, pay attention to this. It seems difficult to get a Thanksgiving rally breaking up this level, there are two days for that.

Please click over the chart to enlarge it.

Fundamentals:
The geopolitical worries have stopped the empowered rally after the engulfing seven days ago. Economic news are not the best but still positive for example 3rd. quarter GDP.
This is a shortened week and this Wednesday we are going to get important news like durable goods orders, consumer sentiment, consumer spending, core inflation and so on.
The last news about consumer confidence came below expectations at 90.4 and the lowest since September 2014.
Dear traders and investors, I think that we are not going to have Thanksgiving rally. The markets participants are expecting the sales results of this holiday to perceive if the Christmas rally is coming. Then what we should do is to wait for this information and to be ready to go long at DJ17,579 and DJ17,050.
This year is confused and what has paid is the long side, some short sellers have done good money but only on trading not taking position for the long run. We still have five weeks before the end of the year, if we can read the rally we'll close the year with a nice smile. I am bullish over DJ17,050.

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

           

Dow Jones still over strong supports

DJ Resistance:  18,351     All-time high
                        18,206     Breakdown
                        18,104     2014 peak
                        17,978     High before pullback
                        17,810     Light but important
                        17,595     200 days moving average
                        17,579     August breakdown

 DJ Support:    17,210     Last bounce
                        17,125     Light
                        17,050     Very strong
                        16,933.43 September high
                        16,667     Breakdown very important
                        16,460     Light
                        15,980     Very strong
                        15,651.24 Important
                        15,370.33 Very strong

Technical Analysis:
DJIA is consolidating over DJ16,933.43-17,050, it is bullish-leaning bias for the long run. DJ17,579 and DJ17,595 (200 days moving average) are important levels of resistance. The market is in a not well charted zone.
What is important is to remark the Monday's engulfing up bounce. That is really positive according to the technical analysis.

Please click over the chart to enlarge it.

     Fundamentals:
Retail corporate earnings last week drove the market to the down side, Macy's -17.9% and Nordstrom -13.8%. But this week Walmart Stores and Home Depot better than expected reaffirmed the possibility that consumers are going to drive to a possibly new highs before year's end and the continuation of the bull market.
Dear traders and investors, we have to work reading if the bull market will continue its path. It seems to me the bull market is alive and I expect a rally before year's end.  When do we have the rally? I am working on it.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises       

Resting before Thanksgiving?

DJ Resistance: 18,351     All-time high
                        18,206     Breakdown
                        18,104     2014 peak
                        17,978     High before pullback
                        17,810     Light

DJ Support:     17,658     Light
                        17,579     August breakdown
                        17,576     200 days moving average
                        17,125     Light
                        17,050     Very strong
                        16,933.43 September high
                        16,667     Breakdown very strong
                        16,460     Light
                        15,980     Very strong
                        15,651.24 Important
                        15,370.33 Very strong

Technical Analysis:
The market pullback was overdue, why? Because, watch the chart, the "W" target was attempted the day when the high was DJ17,978.
The stock market normally after the hectic October takes a rest until Thanksgiving or Christmas.
What is important is the strong support at DJ17,579 (August breakdown and prior strong support) and DJ17,576 (200 days moving average). The market can consolidate over those supports during these two weeks or until Christmas to try its way up again.
The consolidation over DJ16,933.43-17,050 will maintain a bullish bias for the long run.

Please click over the chart to enlarge it.

   Fundamentals:
The jobs report on Friday was very positive and worked in favor for the rate hike in December. The last earnings season is neutral, maybe more positive than negative. Besides, higher interest rates will strengthen the U.S. Dollar. This backdrop is mixed, consumers are going to be big players in the U.S. economy, the exports could fall and we could see a portfolio rotation during the consolidation.
Dear traders and investors, we got a nice rally in the last five weeks, it is time for healthy consolidation and to rest. I suggest you to do the same. We are going to follow the market trying to catch if we are going to have the Thanksgiving rally. This year is not easy, I think traders, investors and public in general are tired. All of them will try to do the year in these last two months and to do mistakes would be easy. Take a week for rest!

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

Technically to the upside

DJ Resistance:  18,351     All-time high
                        18,206     Breakdown
                        18,104     2014 peak

DJ Support:     17,810     Important
                        17,579     August breakdown
                        17,569     200 Days moving average
                        17,125     Light
                        17,050     Very strong
                        16,933.43 September high
                        16,667     Breakdown very strong
                        16,460     Light
                        15,980     Strong
                        15,651.24 Important
                        15,370.33 Very strong

Technical Analysis:
What a rebound of DJIA and S&P. Both have repaired its charts and now are showing a clear bullish bias.
The DJIA supports DJ17,810, DJ17,579 and 200 days moving average should attract buyers and sustain a bullish bias barring a violent breakdown of them.
DJIA broke up the negative trend line coming from the all-time high and has exceeded the 200 days moving average that is positive and technically open the way to the all-time high. Before it has to break resistances at DJ18,104, 18,206.
The three indexes have done a great spike in the last month and the retracement were limited. The indexes have formed a ladder on the rise with solid steps.
With all these facts, we can say that longer term bias is bullish. We have to pay attention always to the supports.
Please click over the charts to enlarge them.

Fundamentals:
At the beginning of the last quarter of 2015, economics in U.S.A. and China were bad but better than expected which supported the stock market. The last economic news are positive, that allow us to expect to see the test of the stock markets high.
The last steep rise in the stock market is due to those news and the Tech results in the S&p and DJIA. Please watch Microsoft and Amazon results from its cloud business, the perspective are extremely positive. Alphabet, the parent of Google, reporter stronger-than-expected revenues and earnings, and the corporation will share repurchase, it is authorized to buy back U.S. $ 5.1 billion worth. It seems that Tech results will continue to be strong. Let's see Facebook, Linkedln Corp., T-Mobile U.S.A. and the others.
Dear traders and investors, market is pointing up and it is very possible to get a rally before year's end. But pessimism is around the corner, don't forget the 12% correction from August. We have to work with the market trend which is to the upside but always being alert. Stock market is not a game of chance, we have to be rational taking our decisions.

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