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WEEKLY CHARTS

DJIA: Weekly support at 11675 and at 11480.

DJTI: Weekly support at 4400 and 4200. Resistance at 5000.

SP500: Weekly support at 1325. Resistance at 1370.

NASDAQ: Weekly resistance at 2375. Support at 2300 and 2200.

HUI: Weekly support at 280/275 and 250. Resistance at 310 and 350.

OIL: Weekly resistance at $65. Support at $58.00.

The TOs failed to confirm the advance, which makes the indices vulnerable to a sudden 3%-5% decline. 

The trend is UP for NASDAQ.

 
The trend is UP for the SP.

SUMMARY

Last week we said, "The message from all of our technical indicators is one in the same; at this point the SP is vulnerable to a sudden 40 point decline, and likewise, NASDAQ is vulnerable to a sudden 80-100 point decline. The question is "what price level is going to trigger the decline?" The chart patterns and the technical readings lead us to believe that the odds favoring the zone between resistance and the first upside targets, are better than even. Next week is OPEX. OPEX weeks tend to have bullish bias, thus, the indices may continue to remain in a state of suspended animation throughout next week. However, if they penetrate the "trigger zone" next week, then we would expect a reaction by no later than the following one."

This week the indices remained in a "state of suspended animation" during OPEX week--as we had suspected. For this week the odds favor a retreat, but we won't have confirmation of it until we have a close below 1357 for the SP, and below 2325 for NASDAQ. Look out for an advance on Monday followed by a shallow day on Tuesday. Such action the first two days of the week will increase the odds of a retreat later on.

Ike Iossif

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