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Dow Industrials
The SPDR Diamond Trust (DIA) moved well above the September high at $136.48 as it reached the 100% target and the quarterly R1 resistance in the $138.80 area.

The next resistance is the trend line (not shown), which connects the May 2012 and September 2012 highs. Its is now just below $140. The weekly Starc+ band is at $140.31 this week.

The Dow Industrials A/D line (not shown) did make new bull market highs last week, which confirms the price action. The A/D line is now rising much more sharply.

There is support now at $136.74-$137.04, which was the gap from last week and then at $136.50, which was last fall's high. The rising 20-day EMA is now up to $135.06.

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Nasdaq-100
The PowerShares QQQ Trust (QQQ) looks ready to close the week pretty much unchanged as it spent most of last week below the January 3 closing level at $67.20. Of course, this is because of the heavy weighting in Apple Inc. (AAPL), which still makes up over 13%.

The First Trust NASDAQ-100 Equal Weight Index (QQEW), which has an equal weighting of all 100 stocks in the Nasdaq 100 has moved above both the 2011 and the 2012 highs.

The QQQ is still below the strong resistance at $68.50 (line a), which corresponds to the highs from March 2012. There is additional resistance at the early October highs of $69.80.

The Nasdaq-100 A/D line is acting a bit stronger as it has moved well above its previous peak and has broken through the resistance, line c, that goes back to last summer.

The 20-day EMA is now at $66.66 with the quarterly pivot at $66.10. A close below $66 will weakened the short-term outlook and suggest a move to the additional support at $65.13, which was the closing level of 2012.

Russell 2000
The iShares Russell 2000 Index (IWM) has continued to rally sharply as it looks ready to gain another 1.4% last week just like it did the week before IWM has moved well above the former trend line resistance (line d).

Both the equality target calculated from the November low to the December high and the quarterly R1 are in $90.45 to $90.60 area.

The Russell 2000 A/D line has moved well above the September highs, but is still well below the high from early 2012. It has stayed above its rising WMA and shows no signs yet of a top.

There is support for IWM now at $88.60, line d, and the rising 20-day EMA. Additional support in the $86.40-$87.20 area