DJ Resistance: 19,152 All-time high
DJ Support: 19,090 Light
18,923 Old time closing high
18,668 Old all-time high
18,470
18,247 August low
17,995 - 18,016 Strong
17,990 200 days moving average
17,888.23 November low
17,579 Inflection point
17,433
17,125 Very strong
16,667 Inflection point
16,520
15,980 Very strong
15,450 Strong
15,370.33 Strong very strong
Technical Analysis:
The three indexes did new all-time highs, they broke their respective resistances. November began with a sell off and reversed with the Brexit style. The reverse brought us with a strong rally to new highs just after the elections. The bull flag broke trigered the DJIA to new all-time highs.
DJIA is the strongest index in these moments. DJIA, S&P and NASDAQ Composite are in uncharted territory. DJIA has strong supports at DJ18,923 and 18,668.
The market needs to consolidate these new highs and DJ19,300 to 19,350 could be the target if Christmas rally.
The mid-term trend is bullish.
Please click over the charts to enlarge them.
Fundamentals:
After the elections we got our announced rally, I am very happy because this time we have reed very well the market.
Economics are doing well, yesterday good news are:
Consumer Confidence to 107.1 from 98.6, the best from the previous 2008 crisis, Redbook Weekly Retail Sales Report the best of the year, and GDP revised to 3.2% from 2.9%.
Retail Sales positive.
Hopefully we are going to receive the New Year with a Christmas rally.
We are going to have important news like the pending rise of interest rates between others. My opinion is that the market needs to consolidate its advances before to continue its uptrend.
Dear traders and investors, economy is improving which means better profits and higher stock prices. Stay with positions in the stock market.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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