In yesterday's post I stated, 'it seems like the Nasdaq and Russell 2000 are losing their leadership status ending Tuesday below quarterly pivots at 4274 and 1180.35 respectively' and now both may end the week below their five-week MMAs at 4223 and 1168.46 respectively. The Dow Industrial Average continues to trade between its semiannual pivot at 16245 and a weekly pivot at 16387.
The major equity averages ended Wednesday below this week's pivots / risky levels at 16387 Dow Industrials, 1891.1 S&P 500, 4356 Nasdaq, 7540 Dow Transports and 1192.88 Russell 2000.
Dow Industrials has its semiannual pivot at 16245 with its semiannual risky level at 16860. Semiannual pivots are 1797.3 and 1764.4 on the S&P 500. Semiannual pivots are 7376 and 7245 Dow Transports. Semiannual pivots are 1133.29 and 1130.79 on the Russell 2000. Semiannual value levels are 3930 and 3920 on the Nasdaq.
The Dow Industrial Average remains below its all-time high set on Dec. 31 at 16,588.25. The S&P 500 set a new all-time intraday high at 1883.97 on March 21. The Nasdaq is below its multiyear intraday high at 4371.71 set on March 6. The Dow Transportation Average is below its all-time high at 7627.44 set on March 7. The Russell 2000 is below its all-time high at 1212.82 set on March 4.
Dow Industrials: (16269) Annual value levels are 14835 and 13467 with semiannual and weekly pivots at 16245 and 16387, a daily risky level at 16517, the Dec. 31 all-time intraday high at 16588.25 and monthly, quarterly and semiannual risky levels at 16644, 16761 and 16860. The weekly chart is positive with the five-week MMA at 16,200.
S&P 500 - (1852.6) Semiannual and annual value levels are 1797.3, 1764.4, 1539.1 and 1442.1 with a daily risky level at 1883.0, the March 21 all-time intraday high at 1883.97, and weekly, quarterly and monthly risky levels at 1891.1, 1896.0 and 1930.7. The weekly chart is positive but overbought with the five-week MMA at 1844.4.
NASDAQ - (4174) Semiannual and annual value levels are 3930, 3920, 3471 and 3063 with daily and quarterly risky levels at 4271 and 4274, a weekly risky level at 4356, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4567.The weekly chart shifts to negative on a close this week below its five-week MMA at 4222.
NASDAQ 100 (NDX) - (3583) Semiannual and annual value levels are 3456, 3458, 3078 and 2669 with daily and quarterly risky levels at 3664 and 3714, a weekly risky level at 3735, the March 6 multiyear intraday high at 3738.32 and monthly risky level at 3925. The weekly chart shifts to negative on a weekly close below its five-week MMA at 3619.
Dow Transports - (7430) Semiannual, quarterly and annual value levels are 7376, 7245, 7086, 6249 and 5935 with daily and weekly risky levels at 7558 and 7540, the March 7 all-time intraday high at 7627.44 and monthly risky level at 7802. The weekly chart is positive with the five-week MMA at 7411.
Russell 2000 - (1155.49) Semiannual and annual value levels are 1133.29, 1130.79, 966.72 and 879.39, with quarterly, daily and weekly risky levels at 1180.35, 1185.01 and 1192.88, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1253.12. The weekly chart shifts to negative given a close this week below its five-week MMA at 1168.46.
The SOX - (577.84) Monthly, quarterly, semiannual and annual value levels are 561.69, 536.98, 548.36, 490.52, 371.58 and 337.74 with the March 26 multiyear intraday high at 591.11 and daily and weekly risky level at 596.06 and 593.47. The weekly chart is positive but overbought with the five-week MMA at 562.42.
Dow Utilities: (522.00) Monthly, semiannual, annual and quarterly value levels are 510.88, 504.74, 497.53 and 496.84 with semiannual and daily pivots at 524.37 and 521.68 and weekly and annual risky levels at 541.74 and 548.70. The weekly chart is positive but overbought with the five-week MMA at 515.36.
The yield on the US Treasury 10-Year note (2.693%) is below its 21-day, 50-day and 200-day SMAs converging at 2.710%, 2.727% and 2.695%. The weekly chart favors higher yields given a close this week above its five-week MMA at 2.726% with its 200-week SMA at 2.414%.
The yield on the US Treasury 30-Year bond (3.543%) remains below its 21-day, 50-day and 200-day SMAs at 3.631%, 3.664% and 3.709%. The weekly chart shows this yield below its five-week MMA at 3.642% and still sliding down its 200-week SMA at 3.535%.
Comex Gold ($1303.4) is below its 21-day SMA at $1341.7 but the day's low at $1299.3 held its 50-day and 200-day SMAs at $1303.0 and $1299.7 as the golden cross is confirmed with the 50-day above the 200-day. The March 17 high was $1392.6 and gold was pulled down by my quarterly and monthly pivots at $1385.0 and $1373.0. The weekly chart shifts to negative given a close this week below its five-week MMA at $1314.9 with the 200-week SMA at $1493.9.
Nymex Crude Oil ($100.26) is above its 50-day SMA at $99.27 and on the cusp of its 21-day and 200-day SMAs at $100.57 and $100.39. This zone has been a ceiling since March 12. The weekly chart stays negative given a weekly close below its five-week MMA at $99.84 with the 200-week SMA at $93.56.
The Euro (1.3783) has a neutral daily chart with the currency below its 21-day SMA at 1.3826 and above its 50-day and 200-day SMAs at 1.3716 and 1.3506. The weekly chart is positive with its five-week MMA at 1.3767 and the 200-week SMA at 1.3345.
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.