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THE TECHNICAL PICTURE

I apologize for the short commentary, but this week I am traveling, and thus, I have to write this while I am on the go.

DJIA: Resistance at 10650, support at 10450.

DJTI: Resistance at 3675, support at 3600.

SP500: Resistance at 1220/1225 and at 1240, support at 1200.

NASDAQ: Support at 2125-00, and resistance at 2200.

 
HUI: Resistance at 207, support at 190.

USD: Support at 88, resistance at  92.50.

Oil: Support at $58 and at $55, resistance at $60.50 and at $62.

Utilities: Support at 388, resistance at 400.

Yesterday, we got the pullback we talked about last week, and now the question is whether the BSE continues lower, implying lower prices, or we get a bounce from current levels as we did 5 weeks ago. Judging from today's action, the latter is more likely.

Yesterday, we got the pullback we talked about last week, and now the question is whether the TOs continue lower implying lower prices, or we get a bounce from current levels as we did 5 weeks ago. Judging from today's action, the latter is more likely.

Summary

We got remarkable divergences between all indicators and price suggesting lower prices. However, the most important indicator of all is price itself and it hasn't even broken support while most indicators are at the point that usually marks a bounce! The odds are even between a re-acceleration to the upside, and further price deterioration.

Ike Iossif

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