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WEEKLY CHARTS

DJIA: Weekly support at 11280 and 11000. Resistance at 11670.

DJTI: Weekly support at 4100. Resistance at 4400 and 4600.

SP500: Weekly support at 1295 and 1260. Resistance at 1326.

NASDAQ: Weekly resistance at 2200 and 2240. Support at 2100 and 2020.

HUI: Weekly support at 320 and 300. Resistance at 360.

OIL: Weekly resistance at $80. Support at $67.50.

The TOs are rising which means the indices can move a bit higher. However, the divergence suggests that any advance will be limited to a few points.

The trend is UP for NASDAQ.

The trend is UP for the SP.

SUMMARY

For the week of 9-5-06. the indices did close above resistance, suggesting that the bulls will make a run towards the May/June highs. However, the divergences in almost all the indicators we follow also suggest that the indices won't be able to exceed those highs. To get a better picture, take a look at similarities in the charts below. The patterns of price, of the BSE, and of the T.O. are almost identical to the patterns we observed going into the May highs. (Also, please read "The decline in gold is almost over."

Ike Iossif

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