DJ Resistance: 18,351 All-time high
18,206 Breakdown
18,104 2014 peak
17,978 High before pullback
17,810 Light but important
17,595 200 days moving average
17,579 August breakdown
DJ Support: 17,210 Last bounce
17,125 Light
17,050 Very strong
16,933.43 September high
16,667 Breakdown very important
16,460 Light
15,980 Very strong
15,651.24 Important
15,370.33 Very strong
Technical Analysis:
DJIA is consolidating over DJ16,933.43-17,050, it is bullish-leaning bias for the long run. DJ17,579 and DJ17,595 (200 days moving average) are important levels of resistance. The market is in a not well charted zone.
What is important is to remark the Monday's engulfing up bounce. That is really positive according to the technical analysis.
Please click over the chart to enlarge it.
Fundamentals:
Retail corporate earnings last week drove the market to the down side, Macy's -17.9% and Nordstrom -13.8%. But this week Walmart Stores and Home Depot better than expected reaffirmed the possibility that consumers are going to drive to a possibly new highs before year's end and the continuation of the bull market.
Dear traders and investors, we have to work reading if the bull market will continue its path. It seems to me the bull market is alive and I expect a rally before year's end. When do we have the rally? I am working on it.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
The market continues it surge supported by infra, oil & gas and IT stocks. The Sensex is up 192.96 points or 0.7 percent at 26034.88 and the Nifty is up 57.60 points or 0.7 percent at 7900.35.
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