Joe Reed summarized the week as follows:
But he has remained non-committal on this Dow chart:
although his weekly chart shows the bottoms nicely:
His Oil chart clearly shows where there is resistance; will there be a breakout?:
Ted Burge noted support in the NYSE (Friday's action confirmed 9,830):
While the Nasdaq 100
and Nasdaq are just below resistance (but pressured by their 20-day MAs):
Mitchell Meana has illustrated the crazy gains in the DIA - have they reached their target, or are they extending to 1.618 of wave I?
The 60-min Qs look ready for a fifth wave up (although I am not clear why Mitchell has labelled "4" where he did). If true there should be corresponding new highs for the tech averages:
His S&P chart shows the index playing to a fifth wave - look for a test of the upper channel to complete this wave:
Robert New has noted the break of 2000 highs in the Wilshire index:
which is good news for the S&P that trades just below this resistance level:
and is optimistic on oil getting to the mid-70s:
Robert's 10-yr Treasury Yield is looking set for an upside break - inflation here we come?
Finally, Dan Basch has a detailed weekly chart for the Nasdaq 100 in which he looks for a top:
with a bullish set up for the Rydex Inverse OTC (Bear):
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