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WEEKLY CHARTS

DJIA: Support at 10350. Resistance at 10725 and at 11000

DJTI: Support at 3500, and at 3350. Resistance at 3900.

SP500: Support at 1200. Resistance at 1245 and at 1260.

NASDAQ: Support at 2100. Resistance at 2170 and at 2220.

HUI: Resistance at 250, support at 227-25, and at 210.

OIL: Resistance at $72.50; support at $62.5 and at $57.50.

Notice that the T.O.s  turned up, implying that the path of least resistance ought to be on the upside.

The trend is DOWN for NASDAQ.

The trend is NEUTRAL for the SP.

Summary

Last week we said, "The indices fell early on in the week in anticipation of wide destruction from hurricane Rita. Fortunately it did not happen. Consequently, next week the odds favor a "relief" rally which ought to take the indices back up to resistance. If resistance is overcome, we could get new marginal highs."

Currently, the "relief rally" we talked about last week finally came on Thursday. Does it have any staying power? Notice that the Quantifiers haven't turned positive, and the McClellan Oscillators haven't overcome the 25 level. However, both are rising. The implication is that there is more room to the upside, but it is too early to assume that the "relief rally" is going to last. In fact, given the data that we have now, the odds favor an early  termination.

Ike Iossif

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