USA Weekly Summary

S&P 500 Daily Chart

S&P 500: Seems like it is now testing the resistance turned support that it has broken 2 weeks ago. Trend is still up.

DJI Daily Chart

DJI: Different case for DJI. Still no success in breaking the upper resistance line. Now, just a few points above the uptrend support line. Trend is still up.

Nasdaq Composite Daily Chart

Nasdaq Composite: The movement for this index has the same pattern as the S&P 500. Support is at around 2260.

The summary for the rest:

USA	Monthly	Weekly	Daily
S&P500	Up	Up	Up
DJI	Up	Up	Up
NasdaqComp	Up	Up	Neutral (-)
DJ Transport	Up	Up	Up
DJ Utility	Up	Up	Neutral
Russell 2000	Up	Up	Up
AMEX Airline	Up	Up	Up
AMEX Biotech	Up	Up	Up
AMEX Gold Bugs	Up	Neutral (-)	Neutral
AMEX Natural Gas	Up	Up	Neutral (-)
AMEX Oil	Up	Up	Neutral (-)
AMEX Security Broker	Up	Up	Neutral (-)
AMEX Telco	Up	Up	Neutral
KBW Bank	Up	Up	Up
KBW Insurance	Up	Up	Up
PHLX Housing	Up	Up	Up
PHLX Semiconductor	Up	Up	Neutral (-)
S&P Retail	Up	Up	Neutral (-)

You can see that there were a lot of correction last week. Commodity play is still under correction.

Weekly Summary

NASDAQ Composite Weekly Chart

Nasdaq Comp: Broke out of rising wedge. Next resistance at 2350. Daily and weekly chart is slightly overbought. Monthly chart shows that there is still a lot of room to go.

DJI Weekly Chart

DJI: Making a rising flag. Daily still not yet overbought. Therefore, it is still possible for it to break higher. If it does, next resistance at 11000.

S&P 500 Weekly Chart

S&P 500: Daily still not yet overbought. Next resistance is at around 1200-1220.

The summary for the rest:

USA	Monthly	Weekly	Daily
S&P500	Up	Up	Up
DJI	Up	Up	Up (+)
NasdaqComp	Up	Up	Up
DJ Transport	Up	Up	Up (+)
DJ Utility	Up	Up	Neutral
Russell 2000	Up	Up	Up
AMEX Airline	Up	Up	Up
AMEX Biotech	Up	Up	Up
AMEX Gold Bugs	Up	Up (+)	Neutral
AMEX Natural Gas	Up	Up	Up (+)
AMEX Oil	Up	Up	Up
AMEX Security Broker	Up	Up	Up
AMEX Telco	Up	Up	Neutral
KBW Bank	Up	Up (+)	Up (+)
KBW Insurance	Up	Up	Up
PHLX Housing	Up	Up	Up
PHLX Semiconductor	Up	Up	Up
S&P Retail	Up	Up	Up (+)

Weekly Summary

S&P 500 Weekly Chart

It seems that S&P 500 has broken out of it's channel. It is going to test the downtrend line where the resistance currently is at 1120. The other sectors all are very bullish indeed.

USA	Monthly	Weekly	Daily
S&P500	Up	Up	Up
DJI	Up	Up	Up
NasdaqComp	Up	Up	Up
DJ Transport	Up	Up	Up
DJ Utility	Up	Up	Up (+)
Russell 2000	Up	Up	Up
AMEX Airline	Up	Up	Up
AMEX Biotech	Up	Up	Up
AMEX Gold Bugs	Up	Up	Up
AMEX Natural Gas	Up	Up	Up
AMEX Oil	Up	Up	Up
AMEX Security Broker	Up	Up	Up
AMEX Telco	Up	Up	Up
KBW Bank	Up	Up	Up
KBW Insurance	Up	Up	Up
PHLX Housing	Up	Up	Up
PHLX Semiconductor	Up	Up	Up
S&P Retail	Up	Up	Up

Weekly Summary

DJI Weekly Chart

DJI continues to go up. 10,000 is within reach.

Nasdaq Composite Weekly Chart

Broken out of downtrend. Next resistance is 2180-2200.

AMEX Oil Index

May have broken out of range bound trading. Oil must stay high for investment to flow into this sector. Currently, new oil fields are found deep in the middle of the sea. This require huge investment (i.e. big oil rig, storage service, transport service).

The summary for the rest of the sectors:

USA	Monthly	Weekly	Daily
S&P500	Up	Up	Up (+)
DJI	Up	Up	Up (+)
NasdaqComp	Up	Up	Up
DJ Transport	Up	Up	Up
DJ Utility	Up	Up	Neutral
Russell 2000	Up	Up	Up (+)
AMEX Airline	Up	Up	Up
AMEX Biotech	Up	Up	Up
AMEX Gold Bugs	Up	Up	Up
AMEX Natural Gas	Up	Up	Up (+)
AMEX Oil	Up	Up	Up
AMEX Security Broker	Up	Up	Up (+)
AMEX Telco	Up	Up	Up
KBW Bank	Up	Up	Up (+)
KBW Insurance	Up	Up	Up (+)
PHLX Housing	Up	Up	Up (+)
PHLX Semiconductor	Up	Up	Up
S&P Retail	Up	Up	Up