Earnings season, still in a range

DJ Resistance:   16.631       All-time high
                             16.576,66  All-time closing high

DJ Support:         16.450
                             16.174       November peak
                             16.015       Strong

Technical Analysis:
The DJIA and S&P sharp reversal from the April low have put these index in a position to strike their all-time highs.
The DJ broke up today the resistance at DJ16.450 and tried to strike the all-time closing high DJ16.576,66 (Dec 31st. 2013) and the 2014 peak DJ16.573. A close above those resistances will open the way to its all-time high DJ16.631 and ready for new historical highs.
In summary the DJIA is still in a range (DJ16.015 - 16.631) and technically it has to take profit of the momentum because there is not trend definition right now. We cannot to affirm according the technical analysis that it is going to be higher or lower.

Please click over the chart to enlarge it.

Fundamentals:
Not too much to comment this week, the DJIA is still in the range. This magnificent bounce from the important support DJ16.040 was done by the positive beginning of the earnings season, 60% of the results have been better than expected. Pay attention to the low volume during the bounce up, this is not good.
This week there are not important economic news to move the market but earnings should be the fuel to do that.
I think if we see new historical Dow Jones Index Average highs will be caused by the corporate profits that we will face during this season.
Dear traders and investors, keep cool yourself, we are near to the new highs, only near not yet on. Nothing is written or given but I think that the earnings will be positive this quarter.
I prefer this week to watch the company's results instead of economic explanations. I explained to you that the poor figures during winter were due to the weather not for a bad economy paying attention that January and February inventories have increased.

I invite you to see this Paul Krugman interview about Thomas Piketty's book and if possible to read "Le Capital au XXI Siecle" about inequality.  http://krugman.blogs.nytimes.com/2014/04/19/my-head-talks-piketty-with-bill-moyers/?_php=true&_type=blogs&smid=tw-NytimesKrugman&seid=auto&_r=0

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

Ulises