18,470
18,447 September gap unfilled
18,351 Old all-time high
18,261 50 days moving average
18,247 August low
18,160
DJ Support: 17,995 - 18,016 Strong
17,960 October low
17,758 200 days moving average
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 2015 low
Technical Analysis:
DJIA and S&P stay in the range-bound but this time they are approaching the lower band for the third time which is dangerous according technical analysis because the probabilities to break it down are higher than a rebound.
The supports are the area DJ17,995 - 18,016 and DJ17,960 (October low). For S&P the supports are SP2,114 - 2,117 and SP2,080.
The trend still is bullish-leaning barring the support at DJ17,960 breaks down.
Please click over the charts to enlarge them.
Fundamentals:
Finally elections will take place next week. With a cleared new president I think the market should try the upperside, why? Because in October we had: ISM Manufacturing up to 51.5 from 49.4, ISM Services up to 57.1 from 51.4, GDP raised to 2.9% in above expectations and doubles the pace from Q2, and earnings season was positive, the best in 2 years.
Dear traders and investors, we are going to have the elections in one week and the uncertainty will be aside. Market can sell off during this week but remenber the economic news that I listed at the beginning of the blog. You can participate in the sell off if you think that you can buy at better prices. My opinion is that the market will try the upside before the year's end. Will see!
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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