S&P New Record Closing

DJ Resistance:  19,999.63  New all-time high

                           19,987

                           19,972

                          

DJ Support:      19,678      January low

                           19,573      50 Days moving average

                           19,200      Strong

                           19,090     

                           18,800

                           18,668      Old all-time high

                           18,247      August low

                           18,000      Strong

                           17,833.23 November low

                           17,579      Inflection point

                           17,125      Very strong

Technical Analysis:

S&P closed in a new all-time high at SP2, 280. This is very positive for the bulls. The DJIA backdrop is weaker than S&P but after has done a new January low at DJ19, 678 last week bounced up and it is looking for the DJ20, 000. The last six weeks range is still valid.

NASDAQ COMPOSITE got a new all-time high at NAS5, 601.

The three indexes are bullish-leaning.

Please click over the chart to enlarge it.

Fundamentals: 

The new president is in charge and active. He began his presidency taking some actions that he promised during the election campaign.

The market is watching his decisions and actions and trying to identify if there would be a continuation of Trump rally.

4th. quarter GNP is expected over +2% and probably 2.8 this coming Friday. Market is in earnings season and surprises are more positive than negative. Election promises are to add growth prospects like less regulations, increase infrastructure spending and lower taxes. All those would generate higher earnings and possibly higher stock prices.

The market is expecting two or three interest rates hike this 2017. If strong growth sparks inflation would be negative for the market. The other risk is the new administration could confront the European Union, China, Mexico and Canada, if the market sees it as a trade war, it will sell the long positions to avoid risks and to lose money. 

Dear traders and investors, my opinion is to be bullish with these positive perspectives paying attention to a possible high inflation and trade war.

Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!