18,470
DJ Support: 18,351 Old all-time high
18,247 August low
18,171 April peak
18,016 Strong breakout
17,700
17,579 August 2015 inflection point
17,433 June low
17,125 Very strong
16,933.43 Strong September 2015 high
16,667 Inflection point
16,520
15,980 Very strong
15,450 Strong
15,370.33 Very strong 2015 low
Technical Analysis:
DJIA near backdrop is slight weaker than S&P but both are attempting to the resistances at the all-time high. This puts the indexes in a bullish mode.
Next supports are DJ18,351 (old all-time high) and DJ18,247 (August low).
DJIA and S&P are in a small range near the highs in the last 7 weeks. Technically the trend points higher.
Please click over the charts to enlarge them.
Fundamentals:
August is ending. The senior traders will be in office in ten days. Monday's bounce was due to higher GDP estimate to 3.5%, it comes from the idea that consumer is in good shape after Personal Income & Outlays report.
ADP: U.S. economy adds +177,000 private-sector jobs in August. Next announcements to pay attention are: ISM Manufacturing, ISM Services and this coming Friday August non-farm payroll and unemployment rate.
Actually, we need to wait for the regular activity in the market after the hard August to begin the trading again.
Dear traders and investors, I think that we are going to get an interest rate increase by the FED in December that means only one this year. It seems to me that the targets DJ18,960 and S&P2,220 are reasonable for the next one or two months.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
very nice post ..
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