In New Skies Again

DJ Resistance:  25,479.38  New all-time high
                         
DJ Support:      25,112       Near terme support
                           24,876       Strong, 2017 peak
                           24,820       20 Days moving average
                           24,715.90  Strong, lower band of old range
                           24,500
                           24,172       50 Days moving average
                           24,100
                           23,950
                           23,600
                           23,500       Gap upside
                           23,480       Gap downside
                           23,250       Strong
                           23,174       Gap
                           23,002       Strong, gap
                           22,890
                           22,795
                           22,420       Strong, breakout
                           22,280       200 Days moving average
                           22,119
                           22,000
                           21,912
                           21,600
                           21,535       July peak
                           21,115
                           20,800
                           20,590
                           20,400       Strong
                           20,125       January 2017 peak
                           19,732
                           19,672       January 2017 low
Technical Analysis:
S&P, DJIA and NASDAQ Composite are again in new record territories, due of this it is difficult to chart them. Possible immediate supports are DJ25,000 and DJ24,876 2017 peak.
They are showing a clear and firmly bull trend in the mid and long term. DJIA and S&P are overbought in the short term and should have a consolidation phase. We look at 20 days moving average as a good support for this phase in the short term. The three indexes are over the 20, 50 and  200 days moving average. That is a strong bull signal.
2018 has started with the bulls in control and with positive perspectives.

Please click over the chart to enlarge it.

Fundamentals:
The stock market is doing new all-time highs. 2018 started with great expectations for the stock market, global economy and consumption.
Earnings season is open and market has high hopes about the results. The official open is for January 17th. with Alcoa's report (AA). Earnings season is regularly volatile and maybe this time more with the new estimates that are coming to the market.
The tax cut is now a Law not an expectation that is important because the tax cuts are going to be seeing in the profits/loss of the corporations. In my opinion the corporate earnings expected in this season don't reflect this new situation. Analysts are beginning to estimate that impact in the corporations.
The Congress has until January 19th. to agree on Spending Bill other way the Government could be shut down. Democrats and republicans have to agree. That brings volatility to the financial markets due the uncertainty.
Geopolitical is calm at the moment

Dear traders and investors, 2018 started with a nice mood. I expect a good year based in the economy, corporate earnings and consumption. The volatility could retrace the market or consolidates it. Let's see 2018!

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