Sunday, April 22, 2007 Weekly review

Big gains for large caps topped a good week for the averages. What had the Stockcharters to say about it.

Dr. Joe is showing mixed signals; the Dow breakout is clear - but overbought technicals are bearish(?):

Mitchell Meana was unchanged in his assertions and is looking for downside targets in the face of new market highs (negating some of his earlier wave counts).

Ted Burge opens with a good chart for the semi-conductor index:

with the point-n-figure chart to back his thesis:

Matthew Frailey also has issues with the wave count for the market. Are we looking at an expanded flat (A-B-C)?

Although he hasn't marked a top - the S&P 500 Bullish percents doesn't look like it has much room left to run:

Jack Chan has been watching Oil and Gold. He has in place a Trend-Line-Break-Sell-Signal for the Oil Services Holders:

Energy Select Sector SPDR:

Gold Bugs Index:

and Gold & Silver Index:

Robert New noted the S&P's fast approach to March 2000 highs:

But he shows an interesting consolidation in oil; note current positive test of wedge support:

I shall closed with the comments of Richard Lehman. He summarized the markets as such:

4/21 -- Looking across the charts, there are some impressive short term uptrends all around. Not only have they persisted, they have in several cases accelerated. Minor pullbacks in minichannels (like the one we just saw in the small caps) just come roaring back. The only downtrend on my charts is gold (XAU). The XLE already broke back upward.

Longer term resistance is once again approaching from multi-year trendlines that have held before. SO some choppiness may be expected, though the indices can climb along the upper lines without going through and still maintain a nice upward momentum. This is one of those (ticker)tapes that are hard to fight.