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miércoles, 10 de agosto de 2016

S&P, NASDAQ COMPOSITE reaches New All-time Highs

DJ Resistance:  18,622      All-time high
                           18,595      All-time closing high

DJ Support:      18,470.     Important
                           18,351      Old all-time high
                           18,171      April peak
                           18,104      2014 peak
                           18,016      Strong breakout
                           17,700
                           17,579      August 2015 inflection point
                           17,471      200 days moving average
                           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
                           15,371.33 Very strong 2015 low

Technical Analysis: 
The S&P 500 and NASDAQ COMPOSITE have reached a new all-time high. DJIA lingers in these up movement. DJIA maintains its bullish outlook but weaker than the other two indexes.
DJIA supports are DJ18,470, 18,351 and 18,016. And during last 3 weeks DJIA has showed its bullish bias. Over support DJ18,016, DJIA is bullish and looking for the opportunity to do a new all-time high.
Technically speaking the U.S.A. financial markets remain firmly bullish. The target of the V bounce up after Brexit remains at DJ18,966. S&P 500 has the same backdrop and it is in new all-time high like NASDAQ COMPOSITE.

Please click over the chart to enlarge it.

Fundamentals: 
We are in August facing the summer doldrums. Personally, I don't like to trade during this month, low volume and junior traders make the life difficult.
The market maintains its bullish momentum although the last economic news, they were mixed and negative with the exception of the unemployment rate and the non-farm payroll.
The earnings season of the second quarter is coming in a positive way but non spectacular as market needs to get a strong and solid breakout.
The S&P and NASDAQ COMPOSITE new highs came in a small movement in the last 2 days that means that the market wants to go higher. My question is fundamentally, is it supported? I don't think so but with the interest rates so low and the U.S.A. economics doing better than the rest of the world, where to put the money? The answer is in the stock market. With the new highs investors do not want to lose the party in the fortune wagon. Therefore I think the next target DJ18,966 and S&P 2,200 will be reached, after that?
Brexit is already felt in the United Kingdom and it is going to affect the other ex-partners.
Dear traders and investors, everything can happen in the month of August, let's say that the market can go higher, down or stay in a small range. My perception is to the upside and very probably SP2,200 will not be the highest of the year. I suggest you to rest during August because this second semester of the year will be intense. I apologize for not offering more clarity in the market but they are very uncertain now.

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

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