Home  l  Broadcast  l  Market Monitor  l  Top 10  l  Storm Watch  l  Sitemap  l  About Us

Today's WrapUp by Ike Iossif 07.26.2005  Mon   Tue   Wed   Thu   Fri   Archive

WEEKLY CHARTS

Above 10750 it goes to 10900; if it stalls again at 10750, it will re-test the 10500 level.

It is at resistance in the 3700-3725 zone, and we would expect a pullback from this zone.

SP500: It made it up to resistance at 1240. We would expect a
pullback from this level starting in the middle of the week.

NASDAQ: It almost made it to resistance at 2210. We would expect
a pullback from this level, starting in the middle of the week.

 
HUI: It has resistance at 205, support at 190. Above 205 it goes to 225, and below 190 it goes to 178.

Oil: If it can stay above $55, it will rally to $62.50 and then 67.5. If it closes below $55, it will go to $50.00.

The T.O. is trying to turn up. If it does, we ought to expect higher prices.

The T.O. is trying to turn up. If it does, we ought to expect higher prices.

The trend is UP for NASDAQ.

The trend is UP for the SP.

SUMMARY

Last week I said, "The McClellan Oscillators are at the zero line, the Volatility ratios are at new highs, the Quantifiers have turned down, and the rest of the indicators have diverged negatively; therefore, the odds are better than even that over the next 2-5 trading days we will get a pullback, but given the magnitude of the initial thrust of the move we also ought to expect support to hold."

(Current) We have half of the indicators implying that a pullback is to be expected next week, while the other half are implying that further price strength ought to be expected. When you put it all together it means that we ought to expect a choppy and difficult market to trade going forward. This type of market condition precedes market tops of significance, but we do not believe that such top is completed; it has a bit more to go. Nevertheless, we do believe that we ought to expect a pullback sometime this week, and depending upon how deep the pullback turns out to be, we will draw further conclusions with regard to how far we are into the topping process.

SUPPORT AND RESISTANCE LEVELS TO WATCH FOR
	DJIA	SP500	NASDAQ
2nd Upside Target	11150	1275	2300
1st Upside Target	10900	1255	2250
Resistance	10750	1240	2210
Support	10450	1220	2140
1st Downside Target	10250	1188	2100
2nd Downside Target	9950	1165	2040

Ike Iossif

---

Copyright © 2005 All rights reserved. Ike Iossif President & CIO Aegean Capital Group, Inc. & Executive Producer MarketViews.tv with Ike Iossif Best Of The Best Guest Consensus Current Guest List Expert Page Ike's Bio Commentary Archive Ahead of The Trend on Newshour

Archived Shows

Back to Top

Home  l  Broadcast  l  Market Monitor  l  Storm Watch  l  Sitemap  l  About Us  l  Contact Us