Sunday, May 20, 2007 Weekly review

Large caps diverged even more against small and tech indices. What did the Stockcharters have to say about the weeks action?

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):