DJIA and S&P new high last week

DJ Resistance:  21,535.33 All-time high
                           21,529      All-time reckord close
                           21,450
                           21,384      Bottom of the gap filled

DJ Support:      21,305      20 Days moving average
                           21,115      Strong
                           21,040      50 Days moving average
                           20,980
                           20,800
                           20,590
                           20,400      Very strong
                           20,125      March peak
                           20,000
                           19,960      200 Days moving average
                           19,732
                           19,678      January low

Technical Analysis:
The three indexes (DJIA, S&P, NASDAQ COMPOSITE) tried its all-time high and failed, they are well supported.
Near term resistances are DJ21,384 (the bottom of the gap), DJ21,450, 21,529 and 21,535.33 all-time high.
There is a price action based in portfolio rotation.
20, 50 and 200 days moving average are ascending, that is a positive indication for the bulls. DJ21,115 AND DJ20,980 should act as strong supports.
The backdrop for the three indexes is bullish barring a supports rupture.


Please click over the chart to enlarge it.

Fundamentals:
The postponed bill of healthcare on Tuesday put the stock market down due the uncertainty:
Uncertainty in the financial markets = stocks sell off

Consumer confidence came higher 118.9, excellent result. If consumers and corporations remain confident as they are, reflects optimism and positive expectations about the economy which is decisive for the stock market.

Dear traders and investors, next earnings season is coming. I am still bullish with the stock market and I would not be surprised if we get new all-time highs before the earnings season. Buy in the deeps and stay long.

My right arm is getting better but still immobilized.

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

Ulises

Dow Jones bullish

DJ Resistance:  21,535.03      All-time high

DJ Support:      21,436      Top of the gap
                           21,384      Bottom of the gap
                           21,115      Strong
                           20,980
                           20,970      50 Days moving average
                           20,800
                           20,590
                           20,400      Very strong
                           20,125      March peak
                           20,000
                           19,850      200 Days moving average
                           19,732

Technical Analysis:
S&P and DJIA have gotten a new all-time highs this week. It is not easy to draw the path in an uncharted territory but DJIA technical target is DJ21,630 (DJ21,115 - 20,400= 715 + 21,115= 21,830).
Next supports are DJ21,436 top of the gap and DJ21,384 bottom of the gap. While DJIA stays over DJ21,115 the trend is bullish in the medium term.

Please click over the chart to enlarge it.

Fundamentals:
This and next week we will get important economic news like leading economic indicators. We have to pay attention to the oil prices which affect directly the stock market. Oil has confirmed its down trend.
We have witnessed stock rotation in the market, investors look for stocks with more potential to go up.
Monday's breakout failed on Tuesday, oil is pointing down on Wednesday, and it seems that the market is not ready for new highs at the moment. Economy and corporations are doing well although rate hike by the FED last week. Next earnings season is coming after the first week of July, in my humble opinion the market will get new all-time highs before the earnings season.

Dear traders and investors, the market is in a bull trend, Europe is doing better (Brexit is discounted). Stay long and buy in the deeps. We have to assess the coming earnings season because the 2017 summer doldrums could be very boring, remember the stock market weak period is from May to October.

My right arm is recovering, it will be ready again in July for earnings season.

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

DJIA is bullish-leaning

DJ Resistance:  21,332.77 All-time high

DJ Support:      21,115
                           21,070      20 Days moving Average
                           20,980
                           20,900      50 Days moving average
                           20,800
                           20,590
                           20,400
                           20,125      March peak
                           20,000
                           19,790      200 Days moving average
                           19,732

Technical Analysis:
DJIA is in unchartered territories doing new all-time high while NASDAQ COMPOSITE is correcting from its all-time high.
DJIA has tested with successful support DJ21,115 which is positive for the bull trend. May low should be the key support to maintain the bullish-leaning trend.
Earnings season is almost closed and the next one is coming the second week of July.
The intermediate term is clearly bullish barring May low violation.
Please click over the chart to enlarge it.

Fundamentals:
The market is waiting for this Wednesday 2 p.m. FED should raise the rates from 0.875 to 1.125% indicating that the economy is walking into the growth path, if not we will witness a shallow sell off because the market will read it as the economy is not in shape. For us it would be an opportunity to buy "buy the deeps".

I consider the current sell off in the tech sector as healthier signs for the bull market. The movement means stock rotation in the sector to stocks with more potential and to have prices more sincere and adjusted.

Dear traders and investors, new earnings season is coming in July, will we have a summer rally?, I don't know because I am not a guru but I stay with the bulls.

Pardon me again for the updates lack, my right arm is not ready but I try my best for you.

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