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DJIA: The pattern remains bullish for as long as interim support at 10350 continues to hold and the upside target is channel resistance at 10975. If interim support at 10350 doesn't hold, then it can go all the way down to test support at 9625-9650.
DJTI: Resistance at 3850, and support at 3575.
SP500: The pattern remains bullish for as long as the 1180-1160 zone contains the decline and the upside target is channel resistance at 1235-1240. If interim support at the 1180-1160 zone doesn't hold, then it can go all the way down to test support at 1100.
NASDAQ: If support in the 2000-1980 zone doesn't hold, we can expect a decline to the 1900-1850 area and perhaps to 1750.
HUI: Resistance at 225, support at 195.
Oil: As long as it remains above $55.00, the upside target is $60.00.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The pattern suggests lower prices for 2-3 days, but also a tradable bottom afterwards.
The trend is down for NASDAQ.
The trend is down for the SP. Conclusion: At the close on Friday, all the indicators had formed patterns suggesting we ought to see continuation to the downside between Monday and Thursday. But afterwards, we ought to have a tradable rally. However, the markets have rallied both on Monday and Tuesday, snatching victory from the jaws of defeat. Has the action of the last two days changed anything? In my view, NO! The downside action has simply been postponed for 2-3 days, but I do expect it to begin by Wednesday or Thursday of this week. Ike Iossif
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