Reply #1: WrapUp by Ike Iossif - WEEKLY CHARTS

[ozymandius]

-cut past charts-

For the week of 2-27-06, the major indices experienced minor pullbacks after making contact with intermediate term channel resistance, which is rather normal. All in all, nothing changed since last week. Oil and bond yields are the areas where investors need to pay attention. The major indices may be able to hang around the top of their range for another 1-3 weeks, but make no mistake, without a retreat in oil prices/bond yields, the equity indices are going nowhere fast. For the near term, a close below 1280 by the SP500, and a close below 2250 by NASDAQ, would indicate that the bears have gained the upper hand and they can push the indices down to support (see table). Conversely, a close above 1300 by the SP500, and a close above 2300 by NASDAQ would indicate that the bulls are in control and they can drive the indices to the first upside targets.

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