Technically the market continues bullish

DJ Resistance:     16.576,66 All-time closing high
                               16.520      Strong

DJ Support:           16.334

                                16.174     Strong (November peak)

                                16.040
                                15.721
                                15.340,23

Technical Analysis:

Dow Jones Industrial Average, S&P and NASDAQ have done modest pullbacks and technically remain bullish. The big difference is that S&P is supporting over the old new all-time high, and the NASDAQ near its fourteen years high. NASDAQ historical high was done on March 10, 2000. Instead DJIA couldn't overcome its strong resistance at DJ16.520.

DJ backdrop is constructive because supported over old resistance DJ16.250 and November peak DJ16.174 now supports.

DJ needs to confirm its uptrend closing over its all-time closing high at DJ16.576,66.

Moving to the S&P because the DJ is lagging, S&P bottomed on Monday and Tuesday at support SP1.867 its prior all-time high now support. It means that this technical point attracts buyers. The S&P over SP1.848 is bullish, please watch the chart.

Technically, the market continues bullish.

Please click over the charts to enlarge them.

Fundamentals:

On March 2009 the stock market got its bottom after the 2008 crisis or crash as you would call it.

We are getting contradictory economic news like encouraging last week job report against February China's export drop 18.1% from a year early. China's January exports expanded 10.6%. China's activities affect the world commerce, investments, etc.

As I have explained before the DJ got a consolidation phase after January's new all-time high which I considered positive. The stock market  pattern, in the majority of the years, is January good for stocks and weak February and March. It seems to me that the stock market needs more fuel for the new highs and the April earnings season should be the catalyst for that.

We are going to face this week important economic news for the market as retail sales, Producer Price Index (PPI), Core PPI, University of Michigan consumer sentiment. Besides, the economy has slowed from last year's fourth quarter maybe due of severe weather or the geopolitical fears. My worry is about the investors' nerves because the profit taking could be ad portas.

The stocks are in good shape but they need a clearly growing economy. We need to clarify if the last slowdown is due to the bad weather.

Dear traders and investors I think that we are going to see SP1.900 and very probably SP2.000 this year. Right now the market needs more steam to look for the Dow Jones Industrial Average new all-time high. Technically the S&P is ready but fundamentally seems to be a different picture since the steam pressure is not enough in the short term.

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

Ulises