20,743 All-time closing high
DJ Support: 20,640
20,440
20,200 50 Days moving average
20,125 Strong January peak
20,000 Very strong
19,978 200 Days moving average
19,732 Strong
19,678 January low
19,200 Strong
19,090
18,800
18,668 Old all-time high
18,247 August low
18,000 Strong
17,833.23 November low
17,579 Inflection point
17,125 Very strong
Technical Analysis:
New all-time record high again for the three indexes. The breakout of SP2,300 and DJ20,600 is very bullish. When the market is going to consolidate DJ20.000 and DJ20,125 both levels would be strong supports and a bounce up from there would be an excellent confirmation for the bulls. Dow Jones posted eight straight daily advance.
Next targets are DJ21,000 and SP2,390.
It is possible a consolidation in the near term and for the mid and long term the trend is clearly bullish-leaning.
Please click over the chart to enlarge it.
Fundamentals:
I have explained in my previous blogs why I am bullish for 2017. We are witnessing positive economic, corporate news, and the market is expecting better statistics and economic news in the coming months. That means that the GDP will accelerate to the upside due the higher infrastructure spending and lower taxes, and possible protectionism in U.S.A.
The next question is what is the target or is there a correction in the way or at least a pullback? My guess is that the market is going to get the targets DJ21,000, S&P2,390-2,400 and NASDAQ COMPOSITE 6,000 and then they will enter in a consolidation. The traders and short term investors will download part of their portfolio.
Dear traders and investors, the mid and long term is to be long stocks and in U.S. Dollars, if we face a correction or a pullback stay long.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
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