Sunday, July 30, 2006 Weekly review

[For clearer and updated charts click on the individual author links to be taken to their Public Stockchart list].

Matthew Frailey pointed in favor a bottom on the large cap indices, but was looking to a '30' or below in the Ultimate Oscillator before declaring a major bottom in the NASDAQ.

Many commentators (me included) focused on the MACD histogram bullish divergence in May/June which failed to deliver on its promise. The MACD trigger line of the NASDAQ has shaped a bullish divergence for June/July, but Robert New considers this part of a larger 12-month bearish head-and-shoulder reversal pattern. Support at 2,025 will be considered key not just for July - but as neckline support too.

Mitchell Meana has highlighted a more recent bullish divergence in MACD of the Q's. Although the 50-day MA looms ominously as resistance in this clean chart.

Michael Winfree's Qs chart is in a similar vein.

Dan Basch has some interesting downside targets for the NASDAQ 100; for two of the weekly charts he provided he has listed 1,355 and 1,227 as targets.

He also includes his road map for a crash...

For Gold bugs, Steven Swink shows a nice rising channel marking accumulation/distribution areas on the Philadelphia Gold and Silver Index. The index still has some way to fall before it can be considered time to buy - note the new 'sell' trigger in the PPO.