The trend is Up

DJ Resistance:  18,668      All-time high
                         
DJ Support:      18,470
                           18,351      Old all-time high
                           18,221       Light
                           18, 171      April peak
                           18,104      2014 peak
                           18,016      Strong breakout
                           17,700
                           17,579      August 2015 inflection point
                           17,522      200 days moving average
                           17,433     June low
                           17,125     Very strong
                           16,933.43 Strong Septembet 2015 high
                           16,667     Inflection point
                           16,520
                           15,980      Very strong
                           15,450      Strong
                           15,370.33 Very strong 2015 low

Technical Analysis:
DJ18,470 should act as a strong support in the short term, besides the last three weeks range-bound is DJ18,470-18,668. Technically the breakout to the upside is set due the light sell pressure at resistance in the range which is just under the all-time high.
The three indexes are in new territories in slow motion but supported and always attempting the upside. This is bullish.
The short, medium and long term trend is constructive to the upside according to technical analysis barring a violation of DJ18,470 and 18,016.

Please click over the chart to enlarge it.

Fundamentals: 

The market is expecting the FED's Janet Yellen speech this coming Friday at Jackson Hole. It could move the market to the up or down side.

The U.S. economy in Q2 had a slow or moderate growth 1.2%. The third should be stronger after the last news like the new home sales on Tuesday and the better corporate profitability we saw in the last earnings season, besides the low interest rates.

The lack of negative news would be the trigger to continue with the up move in a faster speed. Only very negative news like the consequences of Brexit could bring a strong correction. There are other news where we have to pay attention like the November election.

As I have explained in the Technical Analysis section the market is doing new all-time highs in a very slow mode during the last three weeks. This way is new in the market but is supported projecting new highs,

Dear traders and investors, August is August, not easy. Volume is improving, in ten days the market will be working as always and we will see its behavior. I think that the potential is for the up side. 

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