Confirmed bullish-leaning

DJ Resistance:  22,386.01  All-time high
                           22,370.80  Record close

DJ Support:      22,179.11  Old all-time high
                           22,119       Old-time close
                           22,000
                           21,912
                           21,820       50 Days moving average
                           21,682       July peak
                           21,600       Strong
                           21,535       June peak
                           21,200
                           21,115       Strong
                           20,980
                           20,910       200 Days moving average
                           20,800
                           20,590
                           20,400       Strong
                           20,115       January peak
                           19,732
                           19,678       January low

Technical Analysis:
S&P and DJIA has confirmed its uptrend with the break out and the constant higher close during five days. S&P is atop SP2,500 which is very bullish because it has reached a technical target and stays closing over it.
First important support for S&P is SP2,480 and for DJIA is DJ21,119, next is DJ22,040 (early September peak, watch the chart).
DJIA following targets are DJ22,550 and 22,750. For S&P is SP2,550 which we should get at the end of the year.
DJIA consolidation range is DJ22,119 - 22,386.01.
DJIA and S&P are exploring uncharted territory and NASDAQ COMPOSITE is attempting 6,460 mayor resistance. The trend in the intermediate term is clearly bullish.
50 days moving average has acted as notable support, we have to pay attention to it.

Please click over the chart to enlarge it.

Fundamentals:
Last week was the best in gains since last December 2016.
Market expects substantial gains in the coming future based in an economy that becomes stronger every day, better corporate earnings and the awaited Trump's tax cut.
Empire State Manufacturing came at 24.4 versus expected19.0. FED considers "favorable macroeconomic factors supporting the backing for current equity valuations".
This is a long bull market that began in 2009 and confirmed with the breakout at the beginning to 2013 that means more than 8 years and there is room for more time to reign.
The markets are awaiting the FOMC Meeting Announcement on rates and FOMC Forecast today at 1 P.M.
I don't expect any surprise, the interest rates should stay as they are. Experts and market watchers will interpreted the FED's words and pay especial attention on when the FED will begin to unwind its balance sheet.

Dear traders and investors, the markets are not easy and to get our conclusions is very hard. It is simple when we expressed them in a few words that they don't show all the drafts that we have written. I am optimistic with the stock market let's say bullish and expect SP2,550 and DJ22,550 for the end of the year. Geopolitical risks are alive but if you are invested in solid assets don't worry.

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

S&P New Record High

DJ Resistance:  22,179.11  All-time high
                           22,119       Record close

DJ Support:      22,000
                           21,912
                           21,850       20 Days moving average
                           21,783       50 Days moving average
                           21,682       July peak
                           21,600       Strong
                           21,535       June peak
                           21,200
                           21,115       Strong
                           20,980
                           20,810       200 Days moving average
                           20,800
                           20,590
                           20,400       Strong
                           20,125       January peak
                           19,732
                           19,678       January low

Technical Analysis:
S&P did a new all-time high, SP2,496.48. DJIA should follow S&P and get a new all-time high. DJIA got a new close high at DJ22,118.86.
DJIA spiked from the support 50 days moving average tested last week and twice in August. Technically it is very positive for the index. S&P also bounced up after tested its technical support SP2,453 last week.
The charts show bullish trend for the midterm of the three indexes. S&P new target should be SP2,550. Next target for DJIA if it breaks out its all-time high with a follow through should be DJ22,750.

Please click over the chart to enlarge it.

Fundamentals:
The worst of Irma hurricane is over. It was a relief for the traders and they drove S&P to a record new high.
The measures taken like the swift aid packages and all the U.S.A. rebuilding efforts (replacing cars and trucks, new electronics, clothes, furniture, rebuilding businesses and homes, infrastructure, oust debris and so on) will participate in the economy supporting an increase in the GDP. This cost will be paid by the insurances, districts, states, families, etc. and it will stimulate the economy.
Some traders and investors think that "cash is king" at this point of the markets. This attitude is wrong right now in my humble opinion. You should holding positions to take profit of the up move that we are witnessing. We know that in this aged bull market we don't see a follow through when the market breaks an important resistance instead profit taking comes but with limited sellers. Then the up move continues. That is the reason to be holding positions. Do you remember when the S&P took SP2,300, part of the market thought that it was the limit to the highs, now we are almost at  SP2,500.

Dear traders and investors, the U.S.A. economy and the corporations are doing well, I think the horizon until the end of the year and maybe more is clean and without clouds. The best season of the year for the stock market is October to May, I am still bullish and recommend to buy the dips. Hold positions.

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

Stocks still bullish although geopolitical fears

DJ Resistance:  22,179.11 All-time high
                           22,118      Record close
                           22,000
                           21,912
                           21,900      20 Dayd moving average
                           21,770
                 
DJ Support:      21,720      50 Days moving average
                           21,682      July peak
                           21,600
                           21,535      June peak
                           21,200
                           21,115      Strong
                           20,980
                           20,800
                           20,780      200 Days moving average
                           20,590
                           20,400      Very strong
                           20,125      January peak
                           19,732
                           19,678      January low

Technical Analysis:
DJIA broke up through DJ22,000 and then reversed losing 250 points to close this Tuesday at DJ21,753.31. Next important supports are DJ21,682 and 21,600. S&P support is SP2,453  for Nasdaq Composite is 6,342.
Amid geopolitical tensions about North Korea we can say that technically the bullish trend is still in place and the indexes are well supported according to the charts.
DJIA founded support at DJ21,682 and DJ21,720 (50 days moving average), this support area is well defined and that means that the index is technically supported. The same for the other two indexes.

Please click over the chart to enlarge it.

 Fundamentals:
Last Friday we have gotten the August non-farm payroll +165,000 new jobs less than 180,000 expected and jobless rate at 4.4%. It is a good number especially because it was done in the private sector. Manufacturing was also a positive number and the Consumer Sentiment Index at 96.8 also less than expected 97.4 but still a good number.
The revision of the Q2GDP was up to3% from 2.7%. Redbook weekly retail sales showed +4.3% related to the last year. Both figures are good for the stock market.
We are witnessing a pull back of the market due the geopolitical tensions, North Korea continues with missile and nuclear experiments and does not want to low the escalations. The market is facing other threats this September like the Hurricane Harvey bill relief, U.S.A. budget, debt ceiling vote. Markets are always confronting threats and uncertainties.
The market had been concentrating on the sustained improved economic figures and the positive corporate earnings and sales.

Dear traders and investors, my opinion is that the stock market backdrop is still bullish and we have to see any pullback as temporarily. Buy on the deeps.

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