Financial Sense   Home  l  Market Monitor  l  Market WrapUp  l  Storm Watch  l  About Us  l  Contact Us

THE TECHNICAL PICTURE

DJIA: Resistance at 11025, support at 10750.

DJTI: Resistance at 4000, support at 3800.

SP500: Resistance at 1230, support at 1200.

NASDAQ: Resistance at 2115, support at 2030.

HUI: Resistance at 230, support at 210.

US Dollar: Support at 81.25, first resistance level at 82.5-82.75.

Oil: It got to $55 and it closed above it. The next upside target ought to be $57-$57.5.

Utilities: Resistance at 361, support at 350.

Summary

All the indices have held at support, which is bullish on its face. However, every indicator that I follow points to yet lower prices. Given the divergence between price and the underlying weakness, I would venture to say that tomorrow will be a key day. If on Wednesday we get another reversal to the upside, I would expect the advance to last into the end of the week. Otherwise, if support is broken tomorrow, I would expect an acceleration to the downside that will take the SP to 1190-1185.

Ike Iossif

Home  l  Broadcast  l  Market Monitor  l  Storm Watch  l  Sitemap  l  About Us  l  Contact Us