DOW Friday Closing Price - 47207
SPX Friday Closing Price - 6791
NASDAQ Friday Closing Price - 25358
RUT Friday Closing Price - 2513

Across the board, all indexes made new all-time highs this past week, based on the fact that the CPI inflation report came in lower than anticipated. With the bulls having the momentum, the run to the upside now has the look of a runaway freight train. Nonetheless, the reality is that lower inflation is based on the fact that the economy is slowing down and there is less production and less purchasing being done. That is not a scenario that will allow the bulls to continue unabated. In fact, this past week, both NFLX and TSLA reported better than expected revenues but also reported less earnings per share, meaning that costs of production are heading higher, curtailing the future expectations of positive growth.

Having said that, the market reacted positively as it means that the expectations of a Fed rate cut of 25 points being announced on Wednesday are now almost 100% and that the door for a 50-point cut has opened a bit wider. Nonetheless, on Thursday and Friday, AAPL, AMZN and GOGL report earnings and if the same thing happens to them as what happened this week to NFLX and TSLA, there could be a strong profit-taking and selling spree action seen.

The indexes did close near the highs of the week and further upside above last week's highs (DOW at 47326, SPX at 6807, and NASDAQ at 25418) are expected to be seen. There seems to be no reason for selling to be seen during Monday or Tuesday, meaning that there is open air above. Nonetheless, on Wednesday after the Fed Rate decision is announced (and it is only 25 points), some selling could start to be seen. On Thursday morning, the new GDP number comes out and also the GOOGL number will be known, and then on Friday AM, the other 2 important earnings reports will be known as well, meaning that Friday will be a very telling day.

Chart-wise, there is nothing close by that is pivotal support. Nonetheless, here are the levels of support below that if broken, would be indicative. In the DOW that level is at 46590, in the SPX that level is at 6655, and in the NASDAQ that level is at 24652.

This week it is all about the fundamental reports, Then again, the fundamental information already out is showing that a slowdown in the economy is happening and that is likely to continue as the tariffs start to have a bigger impact on our ability to produce products at a low cost. Either inflation will rise, or more likely demand for products will decrease, but either way, it is a negative outlook for the immediate future. This week could be the week things start to unravel.

HSI Index generated a green week but it was not indicative given that the close was at the weekly close support level (26128) that got broken last week, meaning that the green close is probably just a retest of that level (closed last night at 26160). The index did close near the high of the week, suggesting further upside above last week's high at 26367 will be seen this week. If that does occur, there is no resistance until 27058 is reached. A drop below 25591 would be a negative at this time. This entire area around that 26100-26200 level (on both the daily and weekly closing charts) is short-term pivotal. If a confirmed daily close above 26300 occurs, the bulls will gain the edge back.

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GOLD(Dec 2025 chart) generated a negative reversal week, having made a new all-time intraweek high but then closing red and near the low of the week, suggesting further downside below last week's low at $4021 will be seen this week. On a daily closing basis, there is support at $4065/$4070, which if broken would give the bears a slight short-term edge. A daily close below $3972 would likely bring in more selling and a $3500 objective. There is some resistance at $4213, which if broken would give the bulls a bit of new ammunition to test and possible break the all-time daily closing high at $4359. Nonetheless, the fundamental situation has somewhat abated, meaning that it is likely that the bulls have run out of ammunition with which to make a new high. This means that the probabilities now favor Gold bulls looking to build a new chart support level. from which they can again try to go higher, having a clear risk/reward basis. That level could be as low as the $3500 level.

OIL generated a positive reversal week, having gone below last week's low but then closing above last week's high. Oil closed near the high of the week, suggesting further upside above last week's high at 62.59 will be seen this week. Nonetheless, and on a daily and weekly closing basis, the bulls were unable to generate a trend-ending signal, having failed to close above 62.57 (which is the level of short-term pivotal resistance on both charts). Oil closed at 61.47. There were fundamental changes that helped the bulls, but those changes depend on what happens with Putin (regarding any new sanctions), meaning that they are not yet dependable. If Oil closes above 62.57 any day this week, the $65 level would be the target. On an intraweek basis, support is now found between 59.74 and 60.40.

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