DOW Friday Closing Price - 46758
SPX Friday Closing Price - 6715
NASDAQ Friday Closing Price - 24785
RUT Friday Closing Price - 2476

Once again and for the past 5 months, the SPX and the NASDAQ have made new all-time intraweek highs and with the DOW, it has been the past 3 months and with the RUT, it has been the last 2 months. Because of the late week rally in the indexes, October has already gone higher intraweek than in September, meaning that chart-wise, that probability has now occurred. This does suggest that the direction of the indexes for October seen from here on out, is likely to be indicative.

All indexes are now overbought, with the situation being over 90% in the weekly charts and over 95% on the monthly chart (out of a possible 100%). With the exception of this year, this kind of an overbought scenario has normally been resolved within 3 months, but now we are into the 4th month and no end in sight is being seen.

It had been expected that the economic reports that were scheduled to come out this past week would show that the economy is slowing down and that a correction was likely to start. Nonetheless, the ISM index report came out slightly better than expected and the indexes rallied on that number. The Jobs report was expected to come in worse or even negative, but it did not come out (given the government shutdown on Tuesday), and the indexes soared on that lack of news. This coming week there are no reports of consequence scheduled, meaning no potential catalysts to be found for either side. As such, and with the bears having nothing up their sleeves, the bulls are likely to remain in control.

Having said all of the above, and just in case some catalyst does occur, here are the support levels that if broken, would be indicative and meaningful. In the DOW that level is at 45785, in the SPX that level is at 6569, in the NASDAQ that level is at 24186, and in the RUT. To give an example of how unlikely that is to happen this week, the NASDAQ would have to drop more that 6.2% this week for that support to be broken. That also would mean that the hottest industry in the market right now, which is the AI revolution, would have to cool off strongly for that to happen when no other catalytical economic report will be available.

In simple words, buying is likely to be limited due to the overbought situation as well as to the uncertainty of the economic scenario, but on the other side, selling of any consequence is not likely to be seen as the norms of the past are being ignored at this time.

HSI Chinese index made a new 4-year intraweek and weekly closing high and closed near the high of the week, suggesting further upside above last week's high at 27426 will be seen this week. There is absolutely no resistance above until the 28889 level is reached (minor in nature) and then clearly defined and strong indicative resistance found at 29174. To the downside and on a confirmed daily closing basis, there is short-term indicative support at 26906 and then more indicative at 26128.

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GOLD(Dec 2025 chart) continued the run, having made (for the 5th week in a row) a new all-time intraweek and weekly closing highs. Gold did close near the high of the week, suggesting further upside above last week's high at $3922 will be seen this week. The new intraweek support level is at $3749, which if broken, could signal the beginning of a small correction. Gold closed at $3912 on Friday. The probabilities favor Gold continuing higher this week as the fundamental situation remains the same.

OIL generated a new 18-week intraweek and weekly closing low and closed on the low of the week, suggesting further downside below last week's low at 60.41 will be seen this week. The turn around and drop in price was due to signs that OPEC is now planning to raise oil production in November. The bulls managed to close above a minor but short-term indicative weekly close support at 60.69 (closed at 60.88), meaning that there is still some doubt as to the news (no official statement to that effect yet made). Having said that and in looking at the chart, there is no intraweek support below until the 59.28 level is reached and that support is minor. On a weekly closing basis, pivotal support is found at 58.29. To the upside, the bulls need to generate a confirmed daily close above 61.93 to lessen the strength of this move down.

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