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miércoles, 19 de julio de 2017

DJIA and NASDAQ New All-time High

DJ Resistance:  21,681.53  New all-time high
                         
DJ Support:      21,535       June peak
                           21,450       Strong
                           21,400       20 Days moving average
                           21,305       Near-term support
                           21,200
                           21,115       Strong breakout point
                           20,980
                           20,800
                           20,590      
                           20,400       Very strong
                           20,190       200 Days moving average
                           20,125       January peak
                           20,000
                           19,732
                           19,678       January low

Technical Analysis:
DJIA and NASDAQ COMPOSITE got a new all-time high. In the last months the 2 breakouts were not followed by a solid follow through this confuses the market. The next target for DJIA is DJ21,785 and SP2,500. It is difficult to navigate in uncharted territories.
June peak DJ21,535 is an inflection point and support now, next strong support is the area between DJ21,400 and DJ21,450.
The uptrend is clear and constructive. The bull market is alive.

Please click over the chart to enlarge it.

Fundamentals:
Earnings season arrived and it would be the main focus this week and next days. If corporate earnings are solid the stock market will reach the next up leg. We are going to get enough information about the corporations next week to be clear if we are going to have a summer rally.
The economic report from Q2 showed strength what would discard poor corporate earnings but good income which should show interesting corporate earnings.
Traders will take profit near SP2,500 and DJ21,785. Long term investors will maintain their positions riding the bull market until real signs of bear will see in the horizon.

Dear traders and investors, by I have explained in above I suggest to stay long and continue buying in the deeps. We have to be ready for the next up leg and a new consolidation area.

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

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