Dow Jones New All-time Record High

DJ Resistance:  18,231     New all-time record high

DJ Support:      18,053     Prior all-time closing high
                           17,916
                           17,823     2014 closing high
                           17,600
                           17,350     September 2014 peak
                           17,278     September close high
                           16,990     Very strong
                           15,588     2013 peak
                           16,320
                           15,854     Very strong

Technical Analysis:
The trend is to the upside in the long and short term.
DJIA and S&P have gotten a new record all-time high.  NASDAQ COMPOSITE got its highest level in the last 15 years.
DJIA broke up its resistance at DJ17.916 and it is in new territories.
The first support for DJIA is at DJ18,053 (prior all-time closing high) and the next is at DJ17,916 the broke up and inflexion point. While the DJIA stays over DJ17,823 (2014 closing high), we have to consider it as very bullish.
Please click over the charts to enlarge them.

Fundamentals:
The DJIA and S&P did new record highs. The question is, first able if they could stay in these new territories and secondly if they can fly in them.
My guess is yes, they can. but for that the market needs more fuel.
In testimony to the senate, Mrs. Yellen showed that FED is patient with the rates increase because the inflation is low, there is still unemployment, the quality of jobs and FED is expecting prices to decrease due of the energy and import prices. Last GDP corresponding October-December came at 2.6% disappointing, Coming Friday we will have the revision of the GDP and the market is expecting 2.1%
Dear traders and investors, I am still optimistic with the stock market, please buy on the dips. Economist are debating about the date for the rates increase, June or September?  I, personally, expect it for September at least.
The market is in a technically position with a bias to the upside.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises

S&P at New All-time High

DJ Resistance:  18,103.45  All-time high
                           18,053       All-time closing high

DJ Support:      17,916       It was the inflexion point
                           17,823       2014 close
                           17,600
                           17,350       September peak
                           17,278       September close peak
                           16,990       Very strong
                           16,588       2013 peak
                           16,320
                           16,015
                           15,854       Very strong

Technical Analysis:
S&P got a new historical high and NASDAQ COMPOSITE did its better high from March 2,000. DJIA lagged but showed strength to the upside.
DJIA broke up the inflexion point at DJ17,916 and attempted to the all-time high, it is fighting.
DJIA stays in the consolidation range DJ16,990 - 18,103.45 which is supportive for the bulls. Technical Analysis supports the trend to the up side. The violation at DJ16,990 could change the positive trend in the short term. In the long term the trend is clear to the up side. We have always to be prepared against the violations in the charts.
Please click over the chart to enlarge it.

Fundamentals:
We are going to face important economic news this and next week. Are we going to break the resistance and explore new territories? It is possible. I think that the stock market needs more steam to penetrate the resistance, fly and stay in new territories. This steam could come with the new earnings season in April. The last one disappointed a bit.
Dear traders and investors, the stock market is in a very special position. I am convinced that it needs more fuel to go into new territories. It is easy to be wrong in these markets but what I can tell you is to buy on the dips. I am still optimistic with the stock market. We have together confirmed the strong support at DJ16,990.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises

Backdrop still Bullish

DJ Resistance:  18,103.45  All-time high
                           17,916       Important

DJ Support:      17,600
                           17,350       Sepetember peak
                           17,080       200 days moving average
                           16,990       Very strong

Technical Analysis:
DJIA stays in its consolidation range DJ16,990-18,103.45 like S&P.
DJ17,916 was surpassed by few points and it reversed. That means that sellers were attracted a t that level but the reverse is shallow, why? Because when the index attempted the resistance, broke the negative trend line (watch green negative trend line on the chart). Next resistance is DJ16,916 area (DJ17,951 last week high).
We can say that the market is in a very technical situation because is consolidating in a range. As the support has worked very well, the bounce has broken the negative trend line and the reverse has not been harsh, we can conclude that the bias for the first three months of 2015 is bullish and the long term to the upside is still in play according to technical analysis.
The 20, 50 and 200 days moving averages are supporting the DJ.
Please click over the chart to enlarge it.

Fundamentals:
We got a beautiful job report last week but the market lost steam. The explanation is the market fears to the rate increase this year due to the better job landscape.
Earnings season are still in play but the most important have been passed. There are no interesting catalyzers this week. I think that the market will try DJIA all-time high but it will stay in the consolidation range for a while before to do new highs.
Dear traders and investors, the market could stay in the consolidation range until next earnings season.  I expect rate increases in the third 2015 trimester at least. Some colleagues expect that FED action at the beginning of the second trimester.  We are not reading crystal balls, that movement is very important for the stock market. I am optimistic with U.S.A. economy for this year and I expect a good stock market based in the job market, productivity, consumption and the private investments.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises

Technically Still Bullish

DJ Resistance:  18,103.45  All-time record high
                           17,916
                           17,821

DJ Support:      17,420
                           17,350       2014 September high
                           17,262       2014 September closing high
                           17,074       200 days Moving Average
                           16,990       Very strong

Technical Analysis:
DJIA bounced up from 200 days moving average approximately DJ17,060  and DJ16,990 is a strong support. As I have indicated that technical level attracts buyers. S&P did almost the same and its backdrop is stronger than DJIA.
The index stays consolidating in the range DJ16,990-18,103.45 and it is in a constructive bullish mood.
It is important for DJIA to break up the negative trend line (green in the one year daily chart). We have to pay attention to that line.
The five years bull market is still in place and clear in the big figure.
Please click over the chart to enlarge it.

Fundamentals:
ECB (European Central Bank) starts its QE (quantitative easing program) on March buying 60 billion bonds monthly. It should increase the liquidity and maintain low interest rates to force credit growth. That means small and medium corporations will get access to the low rate credits.  When the interest rates are low, the investors look for risk assets to get income and as we have seeing in the U.S.A. and United Kingdom, the stock market became an excellent investment. That is interesting and promissory but the bigger part of that liquidity stays in the banks to strengthen their balance sheets. I am not so optimistic with European QE excellent results.
Dear traders and investors, I think we are going to have low interest rates for at least the first three 2015 trimesters which will impact the stock market during this year.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises