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ValuEngine.com ValuEngine, Inc is an independent research company, producing recommendations, forecasted target prices, and fair market valuations on over 5,500 equities trading on US exchanges (including over 700 international ADR's).. Research on each equity is updated every trading day to... More
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  • The Dow 30 Missed Setting An All-Time Intraday High By 6 Cents On Wed. 0 comments
    Apr 2, 2014 7:56 PM | about stocks: TLT, GLD, XLE, DIA, QQQ, SPY

    The S&P 500 and Dow Transports have taken over the leadership role and nearly pulled the Dow Industrial Average to a new all-time intraday high on Wednesday and the miss was by just 6 cents. The S&P 500 and Dow Transports set all-time intraday highs at 1893.17 and 7714.77 respectively on Wednesday. As an FYI the SOX set a multiyear intraday high at 597.22 then faded.

    The major average remain between new monthly and quarterly value levels, pivots and risky levels are; 16297 and 16462 on Dow Industrials, 1895.6 and 1853.5 S&P 500, 4446 and 4039 Nasdaq, 7812 and 7407 Dow Transports and 1211.52 and 1169.22 on Russell 2000.

    We still have semiannual value levels at 3930 and 3920 on the Nasdaq with semiannual pivots at 16245 Dow Industrials, 1797.3 and 1764.4 S&P 500, 7376 and 7245 Dow Transports, and 1133.29 and 1130.79 on the Russell 2000, and the semiannual risky level at 16860 Dow Industrials. All pivots mentioned have been crossed at least once so far in 2014. The Nasdaq value levels have yet to be tested as the Feb. 5 low was 3968.19.

    The week's risky levels are 16710 Dow Industrials, 1913.5 S&P 500, 4365 Nasdaq and 1201.45 Russell 2000 with a weekly pivot at 7531 Dow Transports.

    The Nasdaq and Russell 2000 still show declining 12x3x3 weekly slow stochastics but they are back above their five-week modified moving averages at 4231 and 1172.74 respectively.

    If a stock market top is confirmed the risk is to the annual value levels at 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and 3063 Nasdaq, 6249 and 5935 on Dow Transports and 966.72 and 879.39 on Russell 2000.

    Dow Industrials: (16573) Quarterly, monthly, semiannual and annual value levels are 16462, 16297, 16245, 14835 and 13467 with a daily pivot at 16506, the Dec. 31 all-time intraday high at 16588.25 and weekly and semiannual risky levels at 16710 and 16860.

    S&P 500 - (1890.9) Daily, quarterly, semiannual and annual value levels are 1871.7, 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with the April 2 all-time intraday high at 1893.17, and monthly and weekly risky levels at 1895.6 and 1913.5.

    NASDAQ - (4276) Daily, quarterly, semiannual and annual value levels are 4159, 4039, 3930, 3920, 3471 and 3063 with a weekly risky level at 4365, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4446.

    NASDAQ 100 (NDX) - (3666) Daily, semiannual, quarterly and annual value levels are 3580, 3456, 3458, 3424, 3078 and 2669 with a weekly risky level at 3747, the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3834.

    Dow Transports - (7696) Daily, weekly, quarterly, semiannual, and annual value levels are 7588, 7531, 7509, 7407, 7376, 7245, 6249 and 5935 with the April 2 all-time intraday high at 7714.77 and monthly risky level at 7812.

    Russell 2000 - (1192.81) Quarterly, daily, semiannual and annual value levels are 1169.22, 1153.47, 1133.29, 1130.79, 966.72 and 879.39, with weekly and monthly risky levels at 1201.45 and 1211.52 and the March 4 all-time intraday high at 1212.82.

    The SOX - (594.94) Daily, monthly, semiannual, quarterly and annual value levels are 587.53, 581.64, 548.36, 507.19, 490.52, 371.58 and 337.74 with the April 2 multiyear intraday high at 597.22 and weekly risky level at 602.78.

    Dow Utilities: (527.80) Semiannual, monthly and annual value levels are 504.74, 502.03 and 497.53 with semiannual, quarterly, daily and weekly pivots at 524.37, 528.10, 531.40 and 533.21 and annual risky level at 548.70.

    The yield on the US Treasury 10-Year note (2.802%) is above the convergence of its 21-day, 50-day and 200-day SMAs converged at 2.729%, 2.716% and 2.709%. The weekly chart will favor higher yields given a close this week above its five-week MMA at 2.744% and its 200-week SMA at 2.412%.

    The yield on the US Treasury 30-Year bond (3.645%) is above its 21-day and 50-day SMAs at 3.624% and 3.644% and below its 200-day SMA at 3.715%. The weekly chart shows that the bond yield is in a tug-of-war with the 10-Year yield. The 30-Year yield is on the cusp of its five-week MMA at 3.643% with its 200-week SMA at 3.532% which has been a magnet since mid-2013.

    Comex Gold ($1291.0) is below its 21-day, 50-day and 200-day SMAs at $1328.6, $1308.5 and $1297.0 even though the chart shows a bullish 'golden cross'. The weekly chart is negative with the five-week MMA at $1308.3 and the 200-week SMA at $1494.2.

    Nymex Crude Oil ($99.29) flipped below its 21-day, 50-day and 200- day SMAs at $99.90, $100.00 and $100.50. The weekly chart shifts to negative given a close this week below its five-week MMA at $99.96 with its 200-week SMA at $93.70.

    The Euro (1.3764) is below its 21-day SMA at 1.3830 and above its 50-day and 200-day SMAs at 1.3734 and 1.3523. The weekly chart shifts to negative given a close this week below its five-week MMA at 1.3762 with the 200-week SMA at 1.3354.

    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.

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