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