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
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