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DAILY CHARTS

DJIA: Support at 12050. Resistance at 12250.

DJTI: Daily resistance at 4900. Support at 4745.

SP500: Support at 1375. Resistance at 1415.

NASDAQ: Daily resistance at 2475. Support at 2385.

HUI: Daily resistance at 345 and 360. Support at 320.

USD: Daily support at 83.25. Resistance at 84.5.

Oil: Daily support at $57.

Utilities: Daily support at 438. Resistance at 455.

The Thrust Oscillator is declining, thus, yesterday's decline may have another 1-3 trading days to go.

The BSE is declining, thus, yesterday's decline may have another 1-3 trading days to go.

The 10/20 day TIs indicate that the trend is UP for NASDAQ and for the SP500.

The zero line is about to be penetrated to the downside, which means today's decline will last another 1-3 trading days.

Summary

Yesterday's decline took the indices pretty close to the bottom of their rising channels; at the same time, volume increased considerably. Today, the indices bounced from channel support on decreasing volume and mediocre breadth. Consequently, the odds still suggest that ultimately, channel support will not hold. In that case the decline will continue for up to an additional three trading days taking the major indices down to the first downside targets (see table below). On the other hand, if channel support does hold against the odds, then we ought to be looking for a re-test of the most recent highs within a couple of days.

Ike Iossif

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