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WEEKLY CHARTS

DJIA:  Support at 10680, resistance at 11000.

DJTI: Support at 3800, resistance at 4250.

SP500: Support at 1250, resistance at 1285.

NASDAQ: Resistance at 2300, support at 2200.

HUI: If it can hold above 250, it will rally further; otherwise, the next 1-2 weeks may be disappointing.

OIL: Resistance at $60.00, $62.50, $67.50, and at $72. Support at $56.50.

The T.O. has diverged dramatically, which means for the next 1-3 trading days another minor pullback is highly likely, but the rally is not over yet.

The trend is UP for NASDAQ.

The trend is UP for SP500.

SUMMARY

Last week we said, "The limited amount of new data, both on the technical, and on the price front coming from last week, allows for only one conclusion; nothing happened last week to change our expectations. We have got to look for the advance to continue until price reaches the 1285-1290 zone for the SP, and in 2280-2300 zone for NASDAQ.  At those levels, we ought to get  a sharp and short reaction back to support."

This week - Taking into consideration the current technical readings and price pattern, two most likely scenarios for next week would be either a minor pullback and another push upwards, or a continuation of the advance that started on Thursday--assuming oil/bond prices continue to behave. The odds favor slightly the first scenario due to the triple top in the McClellan Oscillators.

Ike Iossif

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