A few charts to start the week. One that might be interesting due to options expiry and hefty bond auctions.

Regards - VHF

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Gold gained $20.30 U.S. per ounce last week. It currently is testing resistance at $1,169.70. Short term momentum indicators have rolled over from overbought levels. Seasonal influences have a brief period of strength in the month of May.

The Philadelphia Gold Index added 2.22% last week. Nice bounce from its 200 day moving average! Short term momentum indictors are overbought and have rolled over.

Silver gained 3.27% last week. It currently is testing resistance between $18.60 and $18.89. Short term momentum indicators are overbought and rolling over.

The U.S. Dollar added 0.62 last week. It tested resistance at 82.24 on Friday before falling sharply in late trading. Support is forming at 80.03. Short term momentum indicators are mixed.

The Euro fell 1.19 last week. It tested support at 132.69 on Friday and bounced significantly. Intermediate resistance is at 137.82. Short term momentum indicators are mixed.

The Canadian Dollar added 1.36 cents U.S. last week and closed the week above par. Short term momentum indicators are overbought.

The S&P 500 Index added 25.15 points (2.11%) last week. Intermediate trend remains up. The Index closed at an 18 month high on Friday. Short term momentum indicators are intermediate overbought. Seasonal influences remain positive until the first week in May. Intermediate downside risk is to its 50 day moving average currently at 1,154.79.

The Dow Jones Industrial Average gained 185.62 points (1.68%) last week. It closed at an 18 month high on Friday. Intermediate trend is up. Seasonal influences remain positive until the first week in May. Strength relative to the S&P 500 Index is negative. Short term momentum indicators remain overbought and probably peaked ten days ago. Intermediate downside risk is to its 50 day moving average currently at 10,711.25.

The TSX Composite Index gained 168.98 points (1.40%) last week. Intermediate trend is up. The Index closed at an 18 month high on Friday. Seasonal influences are positive until early May. Short term momentum indicators are overbought and have passed their peak. Strength relative to the S&P 500 Index remains negative (mainly due to strength in the Canadian Dollar relative to the U.S. Dollar).

The CRB Index added 2.76 points (1.00%) last week. The Index is testing resistance at 280.83. Short term momentum indicators (RSI, MACD and Stochastics) have rolled over from overbought levels.

Crude oil added $0.45 per barrel last week. Resistance exists at $87.26. Nice bounce from its 50 day moving average! Short term momentum indicators have rolled over from overbought levels.

Gasoline gained $0.07 per gallon last week. It is testing resistance at 2.367. Nice bounce from its 50 day moving average! Short term momentum indicators have rolled over from overbought levels.

Natural gas broke above resistance at $4.36 on Friday. Short term momentum indicators continue to recover from oversold levels.

The Oil Services Sector gained 7.72% last week. Nice breakout on Friday! ‘Tis the season for the sector to move higher until May 17th.

Schlumberger, the largest oil service stock in the world led the advance.

The yield on 10 year Treasuries rose 0.47% last week. Almost all of the gain occurred on Friday following release of the New Home Sales report. A heavy auction calendar this week could add to the rise in yield. Short term momentum indicators are oversold and trying to bottom.

The VIX Index fell 9.5% last week and once again is testing its recent low.