Correction and Bounce Up?

DJ Resistance:  22,179.11 New all-time high
                           22,000
                           21,910      20 Days moving average

DJ Support:     21,840
                          21,682       July peak
                          21,640       50 Days moving average
                          21,535       June peak
                          21,305
                          21,200
                          21,115       Strong breakout
                          20,980
                          20,800
                          20,600       200 Days moving average
                          20,590
                          20,400       Very strong
                          20,125       January peak
                          19,732
                          19,678       January low

Technical Analysis:
DJIA supported well on supports like DJ21,590 (50 days moving average) - DJ21,682 (July peak) which put the correction and the bounce up in a positive path to the upside according to technical analysis. The correction damage in the DJIA charts are almost irrelevant but conversely with the S&P the case is the contrary, the correction has damaged the charts.
DJ22,000 retest should be an important gauge to assess the bulls and bears. DJIA is the strongest index between the three. DJIA is still over its 50 days moving average instead S&P broke down the same support.
S&P needs to overcome SP2,453 to repair the chart and to put the index on the upside.
DJIA, S&P and NASDAQ COMPOSITE remain firmly bullish in the longer-term.

Please click over the chart to enlarge it.

 Fundamentals:
The market got a healthy correction, the markets never go higher and higher forever, they move like the teeth of a saw. The correction is the opportunity to assess your portfolios and rotate some stock if you consider that their growth projection is weak.
In summary the economy is in a solid health, the corporate earnings are growing and the bond rates are so low then the best place to be is in the stock market. It is very possible the markets could do a deeper correction until SP2,400 and DJ21,115.
It is important to watch the consumers because they do 66% of the U.S. economy. Consumer Sentiment figures spiked on last week report, the unemployment rate is near the lows and Redbook weekly retail sales showed solid growth.
All of these indicates that the correction should be limited and the north continues to show a positive landscape.
North Korea and bomb attack in Barcelona are placed in the air during the last three weeks and they affect investors' confidence.
Market is expecting Janet Yellen's participation on Federal Reserve's economic policy simposium in Jackson Hole, Wyoming this coming Friday.

Dear traders and investors, the markets are in their summer doldrums and geopolitical have played against them but fundamentals economic strength indicate that there is still room to the upside in the aged bull market.

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