Financial Sense   Home  l  Market Monitor  l  Market WrapUp  l  Storm Watch  l  About Us  l  Contact Us

WEEKLY CHARTS

DJIA: Weekly support at 10650, resistance at 11300.

DJTI: Weekly support at 4400; resistance at 5000.

SP500: Weekly support at 1219; resistance at 1290.

NASDAQ: Weekly resistance at 2250; support at 2050.

HUI: Weekly support at 260; resistance at 360.

OIL: Weekly resistance at $75 and $83; support at $70.00 and at $67.00.

The TOs had a negative cross-over, which means we can expect the downside action to last into mid-day Tuesday or Wednesday.

The trend is NEUTRAL for NASDAQ.

 
The trend is UP for the SP.

SUMMARY

Both the McClellan Oscillators and the Quantifiers suggest that last week's action ought not to be interpreted too bearishly, unless there is a clear close below support. Moreover, the current pattern indicates that the two most possible scenarios going forward are the two shown below. Notice that in either case we ought to get another attempt to the upside before a bearish or bullish resolution takes place. Is it possible for the markets to go straight down from here? EVERYTHING IS POSSIBLE, but at this point such action is not very probable. Thus, for the time being we are looking for a rally towards the highs of last week, and we'll re-evaluate once the markets get there. Also please read Market Timing.

Please note: This is my last update until late August. I will be in Athens, Greece, to open up our newest location.

Ike Iossif

Home  l  Broadcast  l  Market Monitor  l  Storm Watch  l  Sitemap  l  About Us  l  Contact Us