DJ Support: 21,535 June peak
21,450 Strong
21,400 20 Days moving average
21,305 Near-term support
21,200
21,115 Strong breakout point
20,980
20,800
20,590
20,400 Very strong
20,190 200 Days moving average
20,125 January peak
20,000
19,732
19,678 January low
Technical Analysis:
DJIA and NASDAQ COMPOSITE got a new all-time high. In the last months the 2 breakouts were not followed by a solid follow through this confuses the market. The next target for DJIA is DJ21,785 and SP2,500. It is difficult to navigate in uncharted territories.
June peak DJ21,535 is an inflection point and support now, next strong support is the area between DJ21,400 and DJ21,450.
The uptrend is clear and constructive. The bull market is alive.
Please click over the chart to enlarge it.
Fundamentals:
Earnings season arrived and it would be the main focus this week and next days. If corporate earnings are solid the stock market will reach the next up leg. We are going to get enough information about the corporations next week to be clear if we are going to have a summer rally.
The economic report from Q2 showed strength what would discard poor corporate earnings but good income which should show interesting corporate earnings.
Traders will take profit near SP2,500 and DJ21,785. Long term investors will maintain their positions riding the bull market until real signs of bear will see in the horizon.
Dear traders and investors, by I have explained in above I suggest to stay long and continue buying in the deeps. We have to be ready for the next up leg and a new consolidation area.
Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises
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