18,206 Breakout
18,167 Last week peak
18,104 2014 peak
DJ Support: 17,978 November 2015 peak
17,810
17,579 Inflection point
17,400
17,125 Very strong
16,933.43 Strong September 2015 high
16,667 Inflection point
16,468
16,200 Light
15,980 Very strong
15,450 Strong
15,371.33 Very strong 2015 low
Technical Analysis:
First support is at November 2015 peak DJ17,978 and is working. Next is DJ17,810.
DJIA like S&P are trying to break resistances and have done small retracements but it has been orderly. That is important for the bulls. Remember the action against the resistances is the most important in technical analysis.
DJIA is stronger than S&P and NASDAQ COMPOSITE.
Volume is constant and acceptable. Uptrend continues without considering good, bad and neutral economic news.The trend is to the upside.
Please click over the chart to enlarge it.
The stock market was driven by earnings season. This and next week will be driven by important economic news like today Durable Goods and Consumer Confidence, Wednesday Bank of Japan and FOMC announcements.Thursday Q1 GDP and PMI Services Flash. Friday Personal Income, Chicago PMI, Consumer Sentiment. During the weekend we will get China Manufacturing and Japan PMI Manufacturing and so on.
S&P range is SP2,080-2,100 and DJIA is DJ17,810-18,167.
Dear traders and investors, the market seems to be calm and neutral. I think that the new economic news are going to show the direction and the market is going to move.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
Ulises
Thanks for the update Ulises. Good info!
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