18,206 Breakout
18,104 2014 peak
17,978 November 2015 peak
17,810
17,579 Inflection point
17,200 200 days moving average
17,125 Old support
17,050 Strong old support
16,933.43 2015 September 2015 peak
DJ Support: 16,667 Very strong
16,468
16,200 Light
15,980 Strong
15,766 January closing low
15,450 Strong
15,370.33 Very strong 2015 low
Technical Analysis:
Finally DJIA broke up the resistance at DJ16,667 and slept over it. These are positive for the bulls, they can expect chart repairs for the next up leg. The same is for S&P when it broke up resistance at SP1,950. The DJIA backdrop is stronger than S&P.
Next DJIA resistance is the DJ16,933.43 to 17,125 panning and it should be harsh. S&P equivalent is SP1,993 (December low).
We can conclude that mid-term direction has shifted bullish if DJIA stays and sleeps over DJ16,667 but long term is still leaning-bearish for the three indexes.
Please click over the charts to enlarge them.
Fundamentals:
DJIA is bouncing up and bulls try to maintain the momentum. We will get very important economic news this week like ISM-non manufacturing on Thursday. ADP employment, beige book, factory orders, productivity, non-farm payrolls and unemployment rate among others. These news are going to drive the market this and next week. Corporate earnings are weak but in the discounted figures.
Dear traders and investors, it is the time for the bulls technically. Personally, I think this could be a good bounce but data indicates me that this is not enough to visit the all-time high. In summary, this week economic news will drive the markets.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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