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The ‘Power Of The Pivots' Remains The 2014 Stock Market Theme.

|Includes:DIA, GLD, QQQ, SPY, iShares 20+ Year Treasury Bond ETF (TLT), XLE

The Dow Industrial Average again tested its semiannual pivot at 16,245 without closing above it. The S&P 500 could not set a new all-time intraday high as the Nasdaq and Nasdaq 100 set new multiyear intraday highs with the Nasdaq above its quarterly pivot at 4274 while the Nasdaq 100 remains below its quarterly risky level at 3714. The Dow Transportation Average stayed between semiannual pivots at 7245 and 7376 after failing at its monthly risky level at 7412 on Monday. The Russell 2000 set a new all-time intraday high just shy of its monthly risky level at 1189.18 as its quarterly pivot remains a magnet at 1180.35.

The Dow Industrial Average (16,198.41) is between monthly and semiannual pivots at 15,986 and 16,245 after trading as high as 16,300.04 on Monday. The weekly chart is positive with its five-week MMA at 16,080. My annual value levels are 14,835 and 13,467 with quarterly and semiannual risky levels at 16,761 and 16,860.

The S&P 500 (1845.16) has a monthly pivot at 1832.9 with quarterly risky level at 1896.0 and a new all-time intraday high at 1858.71 set on Monday. Annual value levels are 1539.1 and 1442.1 with semiannual pivots at 1797.3 / 1764.4. The weekly chart is positive with the five-week MMA at 1821.54.

The Nasdaq (4292.06) set new multiyear intraday high at 4316.82 with a quarterly pivot at 4274. The all-time intraday high is 5132.52 set in the first quarter of 2000. The weekly chart is positive but overbought with the five-week MMA at $4187.08.

The Nasdaq 100 (3676.60) set new multiyear intraday highs at 3702.09 vs. my quarterly risky level at 3713.63. The all-time intraday high is 4816.35 set in the first quarter of 2000. The weekly chart is positive but overbought with five-week MMAs at 3597.

The Dow Transportation Average (7273.20) is between its semiannual pivots at 7245 and 7376 with a quarterly value level at 7086 and monthly risky level at 7412, which was tested at the high on Monday. My annual value levels are 6249 and 5935. The weekly chart shifts to negative given a weekly close below its five-week MMA at 7282.

The Russell 2000 (1181.72) is between my semiannual pivots at 1130.79 and 1133.29 and my quarterly pivot and monthly and monthly risky level at 1189.18 after setting a new all-time intraday high at 1188.06. My annual value levels are 966.72 and 879.39. The weekly chart is positive with its five-week MMA at 1151.89.

The PHLX Semiconductor Index (SOX) (564.29) set a new multiyear intraday high at 568.24. The weekly chart is positive but overbought with the five-week MMA at 543.41.

The Dow Utility Average (517.70) remains shy of its multiyear intraday high at 537.86 set on April 30, 2013. Semiannual and annual value levels are 504.74 and 497.53 with a semiannual pivot at 524.37 and annual risky level at 548.70. The weekly chart is positive but overbought with the five-week modified moving average at 507.56.

The yield on the US Treasury 10-Year note (2.665%) is below its 21-day and 50-day SMAs at 2.701% and 2.816% with its 200-day SMA at 2.626% with my quarterly pivot at 2.628%. The weekly chart favors lower yields with a weekly close below its five-week MMA at 2.742% with the 200-week SMA at 2.427%.

The yield on the US Treasury 30-Year bond (3.626%) is below its 21-day, 50-day and 200-day SMAs at 3.664%, 3.766% and 3.666% with my quarterly pivot at 3.801%. The weekly chart is neutral with its five-week MMA at 3.705 and its 200-week SMA at 3.547%.

Comex Gold ($1328.9) remains above its 200-day SMA at $1304.4 with the 21-day and 50-day SMAs at $1292.1 and $1257.1 on a positive but overbought daily chart. The weekly chart remains positive with its 5-week MMA at $1287.3 and the 200-week SMA at $1,491.3.

Nymex Crude Oil ($102.46) traded as high as $103.80 last week and remains above its 200-day SMA at $99.83 with the 21-day and 50-day SMAs at $100.13 and $97.77, but the daily chart has declining momentum. The weekly chart is positive with five-week MMA at $99.36 and the 200-week SMA at $93.00.

The Euro (1.3682) has a neutral daily chart with the 21-day, 50-day and 200-day SMAs at 1.3646, 1.3650 and 1.3439. The weekly chart is positive with five-week MMA at 1.3653 and the 200-week SMA at 1.3317.

To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact me at RSuttmeier@gmail.com.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: TLT, GLD, XLE, DIA, QQQ, SPY