Bullish

DJ Resistance:  18,622      All-time high
                           18,554
                           18,470      Important

DJ Support:      18,171      April peak
                           18,104      2014 peak
                           18,016      Strong breakout
                           17,700    
                           17,579      2015 August inflection point
                           17,433      June low
                           17,420      200 Days moving average
                           17,125      Very strong
                           16,933.43 Strong September high
                           16,667      Inflection point
                           16,520
                           15,980      Very strong
                           15,450      Strong
                           15,371.33 Very strong 2015 low

Technical Analysis:
Markets got a new all-time high during July and August began in a soft mood announcing the summer doldrums.
The DJIA's supports are DJ17,171, 18,104 and very strong DJ18,016 and for the S&P SP2,131 (2015 closing peak), SP2,117.
DJIA has been losing some points in the last 15 days, same for S&P range of 20 points, but we can consider it as supported. DJIA key is DJ18,016 if the index stays over that level is bullish and we can infer that in supports buyer will come.
As conclusion, the near term is weak but in the longer term the bias is still bullish.

Please click over the charts to enlarge them.

   Fundamentals:
Bears and bulls in the eternal fight. Who will win this time?  Bears are announcing the sell everything and bulls, relying on the latest news of economic indicators have been positive as Global Manufacturing PMI that rose to 51 from 50.4 and ISM Manufacturing showed new orders at 56.9 opening the way for better figures in the near future, consider that the opportunity to buy is now in the retracements.
It seems that investors are more worried losing the upswing movement than fear for bear market.
Market has to pay attention to the election year, statistically is positive for stocks, and a potential terrorist attack. As the interest rates are too low almost negative, the best place to invest capitals is the stock market.
Corporate earnings are still weak but better than before. We have get nice surprises with earnings better than expected. If the trend continues showing growth I am sure that we are going to witness a new all-time high in the stockmarket.
Monday was a bad day for European Banks although they have approved the European test, only one not. They were 51 banks, 36 are listed in the stock exchange and 35 of them fell.
Spending was in a good shape during July but income came a little bit weaker than expected which may curbed spending in the future. You can consider the stall in the auto dealers -4%.

Dear traders and investors, corporate earnings are the only fuel to inflame the stocks to the upside right now. This Friday we will get the information about the non-farm payroll and the unemployment rate, these news will define the trend direction soon. Summer doldrums are in front of us.  I do not like to trade in August due to the low volume and the senior traders are in holidays. Investment life is not easy and we are accustomed to radical movements, up and down. My thinking is that still there are more reason to the up move than to a big correction and we have to buy the dips. In August this is only a thinking, if you could neutralize your positions and take some holidays would be better because we need to be fresh for the rest of the year, our work will be very hard.

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