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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 260, it will rally further. Otherwise, do not be surprised if it pulls back to 250/240.

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

We got the pullback we talked about the previous week. Unless higher interest rates/oil prices hold the market down, we ought to see higher prices.

The trend is NEUTRAL for NASDAQ.

The trend is NEUTRAL for SP.

SUMMARY

Last week we said, "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.."

We gave you two scenarios last week for the next 5-10 trading days, assuming that oil/bond prices continued to behave. As it stands right now, scenario #1 is halfway unfolded. We got the pullback, and the technical indicators held above the zero line. Unless higher interest rates/oil prices hold the market down, we ought to see higher prices as scenario #1 comes to its full completion.

For more on oil and gold, visit: http://www.streetiq.com/dir/MVTVCOMM.shtml

Ike Iossif

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