18,206 Breakout
18,104 2014 peak
17,978 November 2015 peak
17,810
DJ Support: 17,579 Inflection point
17,400 Strong
17,125 Old strong resistance
17,123 200 days moving average
16,933.43 September 2015 peak
16,667 Very strong inflection point
16,468
16,200 Light
15,980 Very strong
15,450 Strong
15,370.33 Very strong 2015 low
Technical Analysis:
The DJIA bull trend is fighting against major resistance at DJ 17,810. S&P and NASDAQ COMPOSITE are in the same fight. Sellers are coming at these major resistances but buyers do not give up.
As I have explained in my prior blogs this negative trend line coming from the DJIA all-time high is a very strong and decisive resistance, that it would be a harsh battlefield that will gauge de bulls and bears. If DJIA breaks it up, the trend in the long term could change to a bullish-leaning. DJ17,400-17,810 is the battlefield range.
Very strong support at DJ17,125 and 17,123
Midterm trend is bullish and long term still bearish.
Please click over the chart to enlarge it.
Fundamentals:
Market got some positive economic news like ISM Services to 54.5 from 53.4, ISM Manufacturing to 51.8 from 49.5. And some negative on U.S.A. Q1 GDP estimates, weak German industrial production figures and also from Japan. It explains the stock market weakness in the last days especially in Europe and japan.
Earnings season begins next week and it will drive the market. It seems to me that interest rate raise will not take place soon due economic.
Dear traders and investors, the market is in a not easy position and needs conviction of economic improvement to look for the next leg up. My opinion is that the stock market will stay in the range of DJ17,400 to 17,810 waiting for the corporate earnings season.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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