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WEEKLY CHARTS

DJIA: Support at 10250/9950. Resistance at 10500 and at 10750.

DJTI: Support at 3650. Resistance at 3800.

SP500: Support at 1160. Resistance at 1200 and at 1245.

NASDAQ: Support at 2020-00. Resistance at 2150-2200.

HUI: Resistance at 250. Support at 225-20 and at 210.

OIL: Resistance at $70. Support at $60 and at $57.50.

The T.O. had a negative cross-over which suggests that the bounce may have ended on Monday.

The trend is NEUTRAL for NASDAQ.

The trend is NEUTRAL for SP.

SUMMARY

For the second consecutive week the markets went "aggressively nowhere!" Moreover, Friday's rally appears to be short-covering rather than anything of substance, and here is the reason why. Supposedly the markets rallied sharply due to the GDP numbers, however, the markets are "forward looking." They never celebrate or mourn for something that happened in the past. The markets care for this quarter's and next quarter's GDP, neither of which appears to be in good shape. Most indicators are at the zero line, and the indices are near resistance. If they can overcome it and the internals turn positive, then it will be time to turn bullish. Until then, neutral-to- bearish, is the only logical place to "hang our hat on."

Ike Iossif

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