DJ Resistance: 21,332.77 All-time high
DJ Support: 21,115
21,070 20 Days moving Average
20,980
20,900 50 Days moving average
20,800
20,590
20,400
20,125 March peak
20,000
19,790 200 Days moving average
19,732
Technical Analysis:
DJIA is in unchartered territories doing new all-time high while NASDAQ COMPOSITE is correcting from its all-time high.
DJIA has tested with successful support DJ21,115 which is positive for the bull trend. May low should be the key support to maintain the bullish-leaning trend.
Earnings season is almost closed and the next one is coming the second week of July.
The intermediate term is clearly bullish barring May low violation.
Please click over the chart to enlarge it.
Fundamentals:
The market is waiting for this Wednesday 2 p.m. FED should raise the rates from 0.875 to 1.125% indicating that the economy is walking into the growth path, if not we will witness a shallow sell off because the market will read it as the economy is not in shape. For us it would be an opportunity to buy "buy the deeps".
I consider the current sell off in the tech sector as healthier signs for the bull market. The movement means stock rotation in the sector to stocks with more potential and to have prices more sincere and adjusted.
Dear traders and investors, new earnings season is coming in July, will we have a summer rally?, I don't know because I am not a guru but I stay with the bulls.
Pardon me again for the updates lack, my right arm is not ready but I try my best for you.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
No hay comentarios:
Publicar un comentario