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WEEKLY CHARTS

DJIA: Support at 10500 and at 10250. Resistance at 10750 and at 11500.

DJTI: Support at 3800. Resistance at 4250.

SP500: Support at 1225, at 1200, and at 1160. Resistance at 1245 and 1285.

NASDAQ:  Support at 2020-00. Resistance at 2200 and 2380.

HUI: Resistance at 250 and at 275; support at 225 and at 200.

OIL: Resistance at $62.50, at $67.50, and at $72; support at $56.50.

The T.Os have diverged negatively, suggesting that a pullback is highly likely.

The trend is UP for NASDAQ.

The trend is UP for NASDAQ.

SUMMARY

The popular indices just concluded their fourth consecutive week of gains, while the McClellan Oscillators are at the top of their range, and they are in the process of completing double tops. In addition, the volatility indices and the put/call ratios are near the bottom of their most recent range. When you put it all together, the odds do favor a short-term pullback to be followed by another leg to the upside.

Ike Iossif

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