18,470
18,447 September gap unfilled
18,351 Old all-time high
18,293 50 days moving average
18,247 August low
DJ Support: 17,995 - 18,016 Strong
17,700
17,579 August 2015 inflexion point
17,433
17,125 Very strong
16,933.43 Strong September 2015 high
16,667 Inflexion point
16,520
15,980 Very strong
15,450 Strong
15,370.33 Very strong 2015 low
Technical Analysis:
The chart is very technical. You can see that the market is well supported at DJ17,995 - 18,016 and the resistances are at DJ18,247 (August low) and DJ18,293 (50 days moving average).
The market is working in the range-bound and technically is bullish-leaning barring a break out of the support DJ17,995.
Please click over the chart to enlarge it.
Fundamentals:
As I explained last week we are getting positive economic news like the PMI Manufacturing Data for Eurozone which improved from 52.6 to 53.3 which triggered the Monday's up move. On Tuesday. And PMI Manufacturing Data of U.S.A. improved from 51.4 to 53.2. This is good for the U.S. and European economy.
The financial markets do not like uncertainty and November Election is. Besides, the corporate earnings season is showing good results. After the outcome of the election should bring a rally because the important is not the winner but the end of the uncertainty.
The other uncertainty of the market is the interest rates hike in December and consequently the strong dollar.
Dear traders and investors, in my humble opinion I expect a rally before year's end and I would buy in the dips. I expect more range bound until the elections.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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