DJ Support: 21,682 Breakout
21,600 20 Days moving average
21,535 June peak
21,400 50 Days moving average
21,305
21,200
21,115 Strong breakout
20,980
20,800
20,590
20,400 Very strong
20,355 200 Days moving average
20,125 January peak
20,000
19,732
19,678 January low
Technical Analysis:
DJIA is almost at DJ22,000 and that goal is in sight. During last week the DJIA has done a new all-time high in its life.
Strong support is at breakout point at DJ21,682 and DJ21,535. DJIA is actually flying and stronger than the other two indexes. S&P is weaker and consolidated just below its all-time high but it has formed a bull flag.
The trend is bullish-leaning for the three indexes barring a violation of supports.
Please click over the chart to enlarge it.
Fundamentals:
Earnings season is strong and the bulls are in a party. We have continued getting positive economic news like ISM Manufacturing Index at 56.3, New Orders at 60.4, Redbook Weekly Retail Sale +2.8% all these mean more growth forwards.
Markets will be in the summer doldrums in one or two weeks and it is not easy to read it just now. We should enter in a consolidation phase.
People is asking about the next bear market. We are in a long bull market considered mature. There are no signs of a bear market coming. We have to pay attention to:
1. - Long bull market, the trend is your friend
2. - Strong earnings season, actually this Q2 earnings are solid.
3. - +2.6 GDP report shows growth.
4. - 10 year Treasury yields 2.3% p.a. which is really low, the stock market yields from 5 to 10% p.a.
Dear traders and investors, I am very pleased and proud to have helped you to navigate in these markets from DJ14,000 to DJ22,000 during these almost four years. I promise you to continue doing my best.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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