Ups and Downs

DJ Resistance:  18,351     All-time high
                           18,206     Breakout
                           18,104     2014 peak
                           17,810     Important
                           17,579     Very Important
                           17,050     Strong
                           16,640

DJ Support:      15,980
                           15,850
                           15,370

Technical Analysis:
The damage caused in the charts is clear and needs time for the repairs. Last week has created a new trading range DJ15,980-16,640.
For the bulls, the trade over DJ17,579 and 17,810 is very important. And for the bears is the trading below 15,850.
The long term bull market is still in place because the support has worked. In the short an medium term the trens is bearish and it could be worst. If the DJIA stays over DJ16,000 we could conclude the chart repairs are on the way.

Pleaswe click over the charts to enlarge them.

Fundamentals:
The market is receiving the pressure from China (Yuan, growth, stock market), Greece, emerging markets (especially BRICS countries), FED, etc. The volatility (see VIX) in the last four weeks caused fear and panic to the traders and investors. Investors doesn't like fear and it is difficult to endure or support those emotions especially when you are losing money.
The fresh economic news are going to continue coming but the most important for September is the FED interest rates increase decision next week. September is the worst month of the year for the financial markets.
Dear traders and investors, September is going to be very volatile, we are going to be in the money some days and others losing it. I still think that the U.S.A. economy is positive and the EU is recovering in a slower pace. The DJIA, S&P and NASDAQ COMPOSITE are in a correction phase. In my opinion the pros are higher than the cons and we should see a bounce before the year's end. But We have to be alert and ready to take dramatic decisions if the direction of the market shifts. Remember, the most important is to preserve the capital.

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