The major equity averages are sliding into oversold territory on their daily charts. The problem is the fact that my proprietary analytics do not show nearby value levels. This means that the Dow Industrial Average is vulnerable down to my annual value level at 11,491 by the end of the month. The yield on the 10-Year US Treasury remains below its 200-day simple moving average at 3.097. Comex gold is between my quarterly pivot at $1523.7 and this week’s risky level at $1563.2. Nymex crude oil is below my annual pivots at $99.91 and $101.92. The euro remains firm, so stocks can have an oversold bounce within the new bear market.
10-Year Note – (3.000) The 200-day simple moving average is 3.097 with a daily pivot at 2.948, and weekly risky level at 2.779.
Courtesy of Thomson / Reuters
Comex Gold – ($1544.8) My quarterly and daily pivots are $1523.7 and $1547.2 with weekly and monthly risky levels at $1563.2 and $1574.3.
Courtesy of Thomson / Reuters
Nymex Crude Oil – ($98.86) My weekly value level is $94.48 with my annual pivots at $99.91 and $101.92, and semiannual risky level at $107.14.
Courtesy of Thomson / Reuters
The Euro – (1.4568) Weekly, quarterly and monthly value levels are 1.4421, 1.4308 and 1.4258 with my semiannual pivot at 1.4624, and daily and semiannual risky levels at 1.4670 and 1.4989.
Courtesy of Thomson / Reuters
Daily Dow: (12,090)My annual value level is 11,491 with daily and weekly risky levels at 12,239 and 12,542.
Courtesy of Thomson / Reuters
S&P 500 – (1286.2) My annual value level is 1210.7 with daily, weekly and monthly risky levels at 1310.9, 1330.3, and 1439.8.
NASDAQ – (2703) My annual value level is 2335 with daily, weekly and monthly risky levels at 2778, 2815 and 3068.
NASDAQ 100 (NDX) – (2274) My semiannual value level is 1927.6 with daily, weekly and monthly risky levels at 2327, 2373 and 2575.
Dow Transports – (5150) My semiannual value level is 4264 with my annual pivot at 5179, and daily and weekly and monthly risky levels at 5273, 5493 and 5829.
Russell 2000 – (795.33) My annual value level is 784.16 with weekly, daily and monthly risky levels at 825.00, 829.04 and 929.22.
The SOX– (415.34) My annual value level is 270.98 with weekly, daily and quarterly risky levels at 425.93, 430.24 and 498.75.
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0 is overbought and below 2.0 is oversold.
Richard Suttmeier
Chief Market Strategist
Chief Market Strategist
ValuEngine.com
(800) 381-5576
(800) 381-5576
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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. I have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters as well as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the ValuTrader Model Portfolio newsletter. You can go to http://www.valuengine.com/nl/mainnl to review sample issues and find out more about my research.
“I Hold No Positions in the Stocks I Cover.”