DJ Resistance: 18,622 All-time high
18,595 All-time closing high
DJ Support: 18,470. Important
18,351 Old all-time high
18,171 April peak
18,104 2014 peak
18,016 Strong breakout
17,700
17,579 August 2015 inflection point
17,471 200 days moving average
17,433 June low
17,125 Very strong
16,933.43 Strong September 2015 high
16,667 Inflection point
16,520
15,980 Very strong
15,450 Strong
15,371.33 Very strong 2015 low
Technical Analysis:
The S&P 500 and NASDAQ COMPOSITE have reached a new all-time high. DJIA lingers in these up movement. DJIA maintains its bullish outlook but weaker than the other two indexes.
DJIA supports are DJ18,470, 18,351 and 18,016. And during last 3 weeks DJIA has showed its bullish bias. Over support DJ18,016, DJIA is bullish and looking for the opportunity to do a new all-time high.
Technically speaking the U.S.A. financial markets remain firmly bullish. The target of the V bounce up after Brexit remains at DJ18,966. S&P 500 has the same backdrop and it is in new all-time high like NASDAQ COMPOSITE.
Please click over the chart to enlarge it.
Fundamentals:
We are in August facing the summer doldrums. Personally, I don't like to trade during this month, low volume and junior traders make the life difficult.
The market maintains its bullish momentum although the last economic news, they were mixed and negative with the exception of the unemployment rate and the non-farm payroll.
The earnings season of the second quarter is coming in a positive way but non spectacular as market needs to get a strong and solid breakout.
The S&P and NASDAQ COMPOSITE new highs came in a small movement in the last 2 days that means that the market wants to go higher. My question is fundamentally, is it supported? I don't think so but with the interest rates so low and the U.S.A. economics doing better than the rest of the world, where to put the money? The answer is in the stock market. With the new highs investors do not want to lose the party in the fortune wagon. Therefore I think the next target DJ18,966 and S&P 2,200 will be reached, after that?
Brexit is already felt in the United Kingdom and it is going to affect the other ex-partners.
Dear traders and investors, everything can happen in the month of August, let's say that the market can go higher, down or stay in a small range. My perception is to the upside and very probably SP2,200 will not be the highest of the year. I suggest you to rest during August because this second semester of the year will be intense. I apologize for not offering more clarity in the market but they are very uncertain now.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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