Long Term Bullish

DJ Resistance:  21,562.75  New all-time high
                           21,535       June peak
                           21,490

DJ Support:      21,305       Near-term support
                           21,200
                           21,190       50 Days moving average
                           21,115       Strong breakout point
                           20,980
                           20,800
                          20,590
                           20,400       Very strong
                           20,125       March peak
                           20,060       200 Days moving average
                           20,000
                           19,732
                           19,678       January low

Technical Analysis:
DJ21,115 and SP2,405 break points still are excellent supports and while the indexes stay over them the bullish trend is clear for the mid and long term.
DJ21,305 is the near term support and the important resistance for the bulls is DJ21,535 (June peak). Next support is the 50 days moving average at DJ21,190 and for S&P is SP2,415.

Please click over the chart to enlarge it.

 Fundamentals:
Economic news that we have to watch:
Q2 GDP estimate at +2.7%
ISM Services 57.4 positive number
Non-farm pay roll 222,000 jobs added when the market was expecting 170,000
57.8 ISM Manufacturing, excellent figure highest in 2 years and a half.
10 years bond yield 2.4% p.a.

With these economic indicators we can expect a better consumption power and corporate earnings growth to go higher. Q2 corporate earnings season is at portas.

I have to indicate that the last breakout on July 3rd. and the previous missed follow through. It is becoming as normal in the last times.

When this bull market will end? It comes most likely from economic decline or the bear market comes from overvalued stock market. In these moments the stock market pays almost the double than bonds.

Dear traders and investors, stocks is the market where we have to be now, we should see the S&P 2,500 in the next leg but it doesn't mean that we are going to sleep while we wait for that level, always we have to be alert.

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