What a bounce!

DJ Resistance: 17,354.54  All-time record high
                          17,279.94  All-time record close
                          17,152       Breakdown point July peak                        
                          17,015

DJ Support:    16,850       Light
                         16,730
                         16,650       Important
                         16,588       Strong 2013 peak, 200 DMA approx.
                         16,450
                         16,320       Strong
                         16,015       Very strong
                         15,850       Very strong

Technical Analysis:
The bounce up and the permanence of Dow Jones Index Average over DJ16,588 offer a possibly brilliant fourth trimester.
We have to pay attention every moment to DJ16,015 because it means that in this important level buyers where attracted by the market and they battled the sellers.
Please watch on the first chart, hourly, the positive trend line in the last ten days. It comes from the recent low DJ15,850. This line shows a strong support, the trend direction and besides the supports in the short term frame.
The other chart shows the big picture where it is clear that the DJ has to stay over DJ16,588 to think about to achieve new historic high before the end of the year. It is also clear that negative short term resistance (green line) is broken which is positive for the stock market.

DJIA is the weakest between the three indexes. The all three are supported right know for the 20, 50 and 200 days moving averages. DJ is again over DJ16,588 the 2013 peak. The market continues to strengthen but if it not penetrate its resistances we could easily get a down reverse.
The three indexes are pointing up and technically they are ready to visit its historical record high. Let's watch how they fight with the resistances.
The bull market from February 2009 is still in place.
Please, click over the charts to enlarge them.

Fundamentals:
As I have mentioned the U.S. economy is in a positive path instead there are some doubts about the economy in the European Union (UE), China, Japan, emerging markets like Brazil, and so on.
Wednesday FOMC meting will be determinant for the markets. FED has to decide if the last trance QE will finish, 15 billion, or it will last for some time more due the last three weeks correction.
Personally I think the end of the QE will sent a strong message to the markets that the economy is in a solid way and FED trust it. It could be the catalyzer to attempt the record high. Other way if the QE lasts, the market is going to interpret that the interest rates will stay low for at least two trimesters more. That is a good signal for the stock market. I think that the interest rates are going to stay in the actual levels until the end of 2015. Why? The labor market is improving but the jobs quality is not the same as it was before 2008. Then, there is not the possibility for wages increase consequently inflation will be controlled among other factors.
Dear traders and investors keep cool today until 2 o'clock.

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

Ulises