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WEEKLY CHARTS

DJIA: Weekly support at 12250 and 12000. Resistance at 12450/500.

DJTI: Weekly support at 4600 and 4200. Resistance at 5000.

SP500: Weekly support at 1360/55 and 1325. Resistance at 1420/25.

NASDAQ: Weekly resistance at 2490/2500. Support at 2390/80.

HUI: Weekly support at 280/275 and 310. Resistance at 350.

OIL: Weekly resistance at $62.50. Support at $57.50.

The McClellan Oscillators are about to re-test the zero line. If the test is successful, we ought to see higher prices by the end of the week.

The Quantifiers are rising, suggesting that the odds favor higher prices.

The trend is UP for NASDAQ.

 
The trend is UP for the SP.

SUMMARY

Last week we said, "The prior week's action allows for a rather brief comment; the indicators are pointing up and thus, more upside action could very well be in the cards. However, both the chart pattern and the negative divergences from the technical indicators strongly suggest that a top of some sort may be in the making. Consequently, caution, and flexibility are a "must" at this point."

This week, "caution and flexibility are a must," but the indicators are pointing higher, and the up-coming week is characterized by positive seasonality. Therefore, the odds do favor higher prices; if the positive tendencies unfold according to the historical precedent, we ought to see a rally of 200/250 points in the Dow, 20/25 points in the SP, and 40/50 points in NASDAQ.

Ike Iossif

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