xjo 5000 by friday

Well having looked at the various global indexes & of course other indicators I'm willing to put my head on the chopping block & say that we'll see the XJO/XAO break through 5000 this coming week, here's why;

* Oil has closed comfortably above resistance of 83.0 @ 84.87
* Copper has closed above an established resistance of 3.50 which is a 18/19 month high!
* The DJIA daily has closed above established resistance of 10724 on solid volume
* The DJIA weekly has closed above established resistance 10653
* The FTSE100 has closed comfortably above an established resistance of 5638
* The HSI closed on or slightly above an established resistance of 21468 on solid volume
* The NI has closed above an established resistance of 10980 on solid volume!
* The SPY has closed above an established resitance of 1150

Our markets are presently lagging or underperforming the other major global equity markets with our most recent high being made back on the 11th January 2010!

The last time our markets were trying to 'play catchup' as it were, was just prior to the end of the calendar year 2009 when we actually caught up & closed out the year at a high since the low of March 2009. This was incidentally the case with the other major global equity markets.

Importantly for our market commodities are continuing to gain momentum, economic data strengthens as does other global data so this week could well be the week ;)

nistrams