16.731 Prior all-time high
16.620
16.580
DJ Support: 16.361,46
16.357.35 May's low
16.312 Strong April's low
16.174 November's peak
16.015 Strong
Technical Analysis:
The DJIA is still in the two weeks range DJ16.312 - 16.715.44
The DJIA continues to act well according to technical analysis. Although it is trapped in the range, it maintains showing its bullish trend.
I quoted in my prior blog actualization " the two first supports (DJ16.352 and DJ 16.312) should work well, if that, we'll see new attempts to the highs soon" and the market did that. I felt like Napoleon.
I expected a fiercest fight in the new highs looking for new territories. I don't like this retracement, we have to pay attention to the momentum and the timing.
Another point is the volume, it was low when DJIA got new highs and a little bit higher volume when the market retraced. These new highs are dangerous with such low volume.
In summary the trend is up.
Please click over the chart to enlarge it
Fundamentals:
This week and next we are going to get important economic news to drive the market. I expect to get good news overall but not excellent. The economy is growing and the market needs the economy to keep a good step. Still we are in earnings season.
My worry is about momentum and timing. May is almost gone, the transaction volume is so low. The momentum is losing strength and the timing is driven the market to a typical neutral June.
Dear traders and investors, the market has two weeks in front of it to confirm the new high and maybe to go in unknown territories, other way is to wait until July earnings season before the summer doldrums if the summer rally. Stay tuned and cool for these two weeks.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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