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WEEKLY CHARTS

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

DJTI: Weekly support at 4000. 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 resistance at 320 and 340. Support at 300.

OIL: Weekly resistance at $80. Support at $65.50.

The TOs are declining which means the indices can move higher, but the advance will be limited up to the May/June highs.

The trend is UP for NASDAQ.

  
The trend is UP for the SP.

SUMMARY

For the week of 9-11-06, the divergences in almost all the indicators we follow suggest that the advance of the last few days in all likelihood will mark the "end of something" instead of the "beginning of something." Notice in the charts below the divergence in the McClellan Oscillator, in the New Highs/New Lows ratio, and also notice that the VIX is at the bottom of its range. Readings like these have never accompanied the beginning of a major up-leg. There is always "a first time" for everything, but would you like to bet on that "first time" with your money? Probably not!  (Also, please read "The 4 year cycle low.")

Ike Iossif

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