Wow DJIA New Record High

DJ Resistance:  23,849.61  All-time high

DJ Support:      23,769.43
                           23,665.86
                           23,500      Gap
                           23,480
                           23,250      Strong
                           23,174      Gap
                           23,070      50 Days moving average
                           23,002      Strong, Gap
                           22,890
                           22,795
                           22,420      Strong, breakout
                           22,119
                           22,000
                           21,912
                           21,756      200 Days moving average
                           21,682      July peak
                           21,600      Strong
                           21,535      June peak
                           21,200
                           21,115
                           20,800
                           20,590
                           20,400      Strong
                           21,125      January peak
                           19,732
                           17,672      January low

Technical Analysis:
What a new record high!
DJ23,500 and 23,250 are well based support for DJIA, and SP2,564 and SP2,600 for S&P.
The three indexes are pointing and set up for a 2017 strong close. They are in unknown territory. DJIA new target is DJ24,000, technically DJ23,950 in the midterm.
The price action in the three indexes are bullish and showing a strong uptrend.

Please click over the chart to enlarge it.

Fundamentals:
The tax cut bill is now in the Senate that moved the markets to the upside because it is considering positive. If the Senate passes or not the bill would be known in same days maybe next week.
Economic news continue stimulating the financial markets like New Homes Sales at 685,000 annualized units versus last month 667,000.
This week will be plenty of economic reports that would affect the Market. The most important is the Senate vote about the tax cut bill. We wait for GDP, Pending Homes Sales, Beige Book, Personal Income, Consumer Spending, Core Inflation, Chicago PMI, ISM Manufacturing, Construction spending, Markit Manufacturing PMI, etc.
Consumer Confidence at 129.5 for a seventeen year high.

The economy is doing well and the markets realize that. 

Dear traders and investors, it seems to me that we are going to end the year with new highs in the three indexes. If the market gets a Christmas Rally supported by the solid and strong consomption.

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

New Record Highs: DJIA, S&P and NASDAQ

DJ Resistance:  23,617.80  All-time high

                           23,600

DJ Support:      23,470       20 Days moving average       

                           23,250       Strong

                           23,174       Gap

                           23.002       Strong, Gap

                           22,980       50 Days moving average

                           22,890

                           22,795

                           22,420       Strong, breakout

                           22,119

                           22,000

                           21,912

                           21,682       July peak

                           21,640       200 Days moving average

                           21,600       Strong

                           21,535       June peak

                           21,200

                           21,115

                           20,800

                           20,590

                           20,400       Strong

                           21,125       January peak

                           19,732

                           19,672      January low

Technical Analysis:

The trend is bullish, the three indexes show us new record highs. The near term supports, DJ23,250 and SP2,564, were successfully tested and the indexes rebounded from there to new all-time highs that is very bullish and puts the groundwork for potential follow-through.

The 20 days moving average are also working as supports.

We can conclude that the three indexes are behaving technically constructive and they are in bullish-leaning mood.

The retest of the short term supports has defined the range and given projections to visit new historical highs. 

                          

Please click over the chart to enlarge it.

 Fundamentals:

Existing Home sales came at 5.480 million units in the annualized figures, last month it was 5.370 million units. Retail sales did well too.

Dear traders and investors, we have to be thankful this year and these Thanksgiving days we have to share with our families and friends. I wish you all the best and we will continue working together trying to understand these passionate markets.

Happy Thanksgiving!

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

Ulises                         

Consolidation or Downdraft of Bull-Trend?

DJ Resistance:  23,602.12  All-time high
                           23,483
                           23,340

DJ Support:      23,250       October low
                           23,174       Gap
                           23,002       Strong, Gap
                           22,890
                           22,810       50 Days moving average
                           22,795
                           22,420       Strong, breakout
                           22,119
                           22,000
                           21,912
                           21,682       July peak
                           21,600       Strong
                           21,560       200 Days moving average
                           21,535       June peak
                           21,200
                           21,115
                           20,800
                           20,590
                           20,400       Strong
                           20,125       January peak
                           19,732
                           19,672       January low

Technical Analysis:
DJIA showed a downdraft and it is approximating important support at DJ23,250, October low. Is this retracement a consolidation? It should be. The market is in a bull-trend barring a violation of strong supports. DJ23,250 defines the first range support. DJ23,340 has resisted and proved as support in the short term. 20 Days moving average has failed as support, DJIA was over this indicator every trading day from September 8th.
In summary, the market has done a small retracement and supports are working. The trend is bullish.

Please click over the chart to enlarge it.

                         
 Fundamentals:
Most indexes are in the green. Yesterday the close was in red due of some fears about the tax cut that will be discussed in the House and later in the Senate. Obamacare could be repeal that is not a good new.
The President Trump returned to the U.S.A. after his Asia trip with good news like the 300 billion in trade bills.
Earnings and economic news are driven the market through a good path.
Last month Producer Price Index +2.8% y/y versus +2.6% prior figure. Less food and energy is +2.4% on a year basis. Redbook Retail Sales +2.3% year to year pace against last month +2.6%, still positive number with the sales expectation during Christmas sales.
Today we are going to receive the figures of the MBA Mortgage Applications, The Atlanta FED Business Inflation Expectations, Business Inventories, Retail Sales, The Empire States Manufacturing Survey and Consumer Price Index. We will have a busy day with all these news.

Dear traders and investors, possibly we are in a consolidation phase that will give support the DJIA and S&P indexes gains before to continue to the upside. That means buy the dips and invest accordingly.

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

                         
                         

November Start Bullish: succesive light record closes

DJ Resistance:  23,602.12  All-time high

DJ Support:      23,483
                           23,300       20 Days moving average
                           23,250     
                           23,174       Gap
                           23,002       Strong, Gap
                           22,890     
                           22,785
                           22,610       50 Days moving average
                           22,420       Strong, breakout
                           22,119       Breakout
                           22,000
                           21,912
                           21,682       July peak
                           21,600       Strong
                           21,535       June peak
                           21,488       200 Days moving average
                           21,200
                           21,115
                           20,800
                           20,590
                           20,400       Strong
                           20,125       January peak
                           19,732
                           19,672       January low

Technical Analysis: 
Positive November start with consecutive new all-time highs during four days. The increases were small bur every day that puts a bullish-leaning trend in the intermediate term barring a violation of the supports.
DJIA supports are at DJ23,483, DJ23,300 (20 days moving average) and DJ23,250. The gaps at DJ23,174 and DJ23,002 are going to act as strong supports for DJIA.
The consolidation range is DJ23,002 - 23,602.12.
The broke of the bull flag just below of DJ23,500 triggered these new all-time highs during last four days. We are almost at the end of the year witnessing a bull trend. The late price action is solid and constructive for the bulls. We are seeing a rotation from transport and healthcare to technology and transport sectors which is healthy and signals the grounded bull trend.
The different moving average will act as solid supports.

Pleaase click over the chart to enlarge it.

Fundamentals: 
Last Friday we have received a bullish Employment figures, 4.1% Unemployment rate and Non-farm payroll increased to 261,000 in October (9,000 from public sector and 252,000 from private sector) ,  which accompany the positive economic news and the corporate earnings.
DJIA, S&P, NASDAQ COMPOSITE have eight straight weekly gains. All these are in a row.
This week there is not controversial news from the economic field. We have to pay attention to Jobless Claims and Whole Sale Trade numbers on Thursday and this coming Friday Consumer Sentiment report.

The market expects the tax cut done this year

This positive situation puts the market encouraged. The conjunction of all of these factors could drive in a new way of growth and wealth for many years.

Dear traders and investors, this bull market is pristine and looks strong enough to continue. We can expect a marvelous end of the year. I am optimistic with the stock market and in any pull back I think we should buy. 

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

Clearly Bull Trend

DJ Resistance:  23,485.25  All-time high
                         
DJ Support:      23,368
                           23,250
                           23,174       Gap
                           23,092       20 Days moving average
                           23,002       Strong, Gap
                           22,890
                           22,785
                           22,500       50 Days moving average
                           22,420       Strong
                           22,119       Breakout
                           22,000
                           21,912
                           21,682       July peak
                           21,600       Strong
                           21,535       June peak
                           21,412       200 Days moving average
                           21,200
                           21,115       Strong
                           20,800
                           20,590
                           20,400       Strong
                           20,125       January peak
                           19,732
                           19,678       January low

Technical Analysis:
The Three indexes have gotten all-time highs during October and we are at he open of the best six months season for the stock market, November to April.
The market is entering to this season with a strong bull trend.
DJIA is doing well with technical and has good supports between DJ23,002 to 23,250 including two gaps support.
The 20 Days moving average is acting as a good support, pay attention to it.
The consolidation phase is still in place and it would be healthy to continue until Thanksgiving with a possible rally. The short, mid and long term trend is clearly bullish.

Please click over the charts to enlarge them.

Fundamentals:
The economy continues bringing positive news and reports:
Consumer spending rose +1%, core inflation +0.1%, inflation +1.3%, wages rose 0.4%, Dallas Fed Manufacturing Survey to 27.6 from 21.3. This coming Friday Unemployment Report and Non-Farm Payroll will be disclosed and those figures move the markets. 3Q GDP grew to 3%, estimates were +2.5%., and Consumer Sentiment was at 100.7 which is positive taking note that 70% in the GDP is due to the spending by the consumers.
The market continues underpinned with Redbook retail sales up to 3.6% from 3.5% last month, Consumer Confidence increased to 125.9 from 119.8 last month and in its highest level, Chicago PMI is at 66.2 from 65.2
In resume, October was an excellent month for the stock market and the economy.
The details of the tax cut plan will be released today. There are a lot of rumors of what is in and on what is out, these rumors will end.
Dear traders and investors, the market is in a strong bull trend at least until the year's end underpinned by the optimism of the earnings season, accelerating economy and tax cut plan. I still think about a consolidation before Thanksgiving but the market seems to be resolute and doesn't want to lose time.

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