DJ Resistance: 18,351 All-time high
18,206 Breakout
18,104 2014 peak
17,978 November peak
DJ Support: 17,810 Light
17,589 200 days moving average
17,579 August breakdown
17,210 Last bounce
17,125 Light
17,050 Very strong
16,933.43 September peak
16,667 Strong
16,460 Light
15,980 Very strong
15,651.24 Important
15,370.33 Very important
Technical Analysis:
There is a rally from the November low after a clear engulfing to the upside. This is bullish in the DJIA. The November peak DJ17,978 is an important resistance to go to the inflection point DJ18,104 (2014 peak).
The important support is at DJ17,579 and DJ17,589 (200 days moving average).
DJIA consolidation over DJ17,050 and DJ16,933.43 is bullish-leaning in the long run. DJIA, S&P and NASDAQ COMPOSITE are working technically over well-defined supports.
DJ17,978 (November peak) is going to be a battlefield for the bears and bulls, pay attention to this. It seems difficult to get a Thanksgiving rally breaking up this level, there are two days for that.
Please click over the chart to enlarge it.
Fundamentals:
The geopolitical worries have stopped the empowered rally after the engulfing seven days ago. Economic news are not the best but still positive for example 3rd. quarter GDP.
This is a shortened week and this Wednesday we are going to get important news like durable goods orders, consumer sentiment, consumer spending, core inflation and so on.
The last news about consumer confidence came below expectations at 90.4 and the lowest since September 2014.
Dear traders and investors, I think that we are not going to have Thanksgiving rally. The markets participants are expecting the sales results of this holiday to perceive if the Christmas rally is coming. Then what we should do is to wait for this information and to be ready to go long at DJ17,579 and DJ17,050.
This year is confused and what has paid is the long side, some short sellers have done good money but only on trading not taking position for the long run. We still have five weeks before the end of the year, if we can read the rally we'll close the year with a nice smile. I am bullish over DJ17,050.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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