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  • The Nasdaq And Russell 2000 Still Have Negative Weekly Charts.  0 comments
    Apr 26, 2014 9:41 AM | about stocks: TLT, GLD, XLE, DIA, QQQ, SPY

    The Nasdaq and Russell 2000 ended last week below their five-week modified moving averages at 4135 and 1145.62. Dow Industrials, S&P 500 and Dow Transports are above their five-week MMAs at 16274, 1850.7 and 7496.

    The year-to-date leaders are outside the five major averages. The Dow Utility Average is up 12.5% year to date setting a multiyear intraday high at 551.83 on April 25 despite Wall Street's cry to avoid utility stocks. In second place is the PHLX Semiconductor Index up 6.9%. Among the five most important, the winner is Dow Transports up a paltry 2.5% Year-to-date.

    To confirm a significant market top the major averages need to have weekly closes below semiannual pivots and value levels at 1764.4 S&P 500, 3920 Nasdaq and 7245 Dow Transports.

    Favoring the bulls is the fact that Dow Industrials closed another week above its semiannual pivot at 16245, but is below its quarterly pivot at 16462.

    Favoring the bears is the fact that the Russell 2000 is now below its semiannual pivots at 1133.29 and 1130.79.

    The week's value levels / pivots / risky levels are 16282 Dow Industrials, 1855.1 S&P 500, 4000 Nasdaq, 7713 Dow Transports and 1123.43 Russell 2000.

    The Dow Industrial Average is above its monthly pivot at 16297 while the S&P 500 tested its monthly risky level at 1895.6 at the April 4 all-time high. Monthly risky levels have not been tested at 4446 Nasdaq, 7812 Dow Transports and 1211.52 on the Russell 2000.

    The major equity averages straddle quarterly levels at 16462 Dow Industrials, 1853.5 S&P 500, 4039 Nasdaq, 7407 Dow Transports and 1169.22 Russell 2000.

    Semiannual value levels are 3930 and 3920 Nasdaq with semiannual pivots at 16245 Dow industrials, 1797.3 and 1764.4 S&P 500, 7376 and 7245 Dow Transports, semiannual pivots at 1130.79 and 1133.29 Russell 2000 and a semiannual risky level at 16860 Dow industrials.

    Annual value levels are 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and 3063 Nasdaq, 6249 and 5935 Dow Transports and 966.72 and 879.39 Russell 2000,

    Dow Industrials: (16361) Monthly, weekly, semiannual and annual value levels are 16297, 16282, 16245, 14835 and 13467 with a quarterly pivot at 16462, the April 4 all-time intraday high at 16631.63 and daily and semiannual risky levels at 16668 and 16860.

    S&P 500 - (1863.4) Semiannual and annual value levels are 1797.3, 1764.4, 1539.1 and 1442.1 with quarterly and weekly pivots at 1853.5 and 1855.2, the April 4 all-time intraday high at 1897.28 and monthly and daily risky levels at 1895.6 and 1903.3.

    NASDAQ - (4076) Quarterly, weekly, semiannual and annual value levels are 4039, 4000, 3930, 3920, 3471 and 3063 with a daily risky level at 4183, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4446.

    NASDAQ 100 (NDX) - (3533) Weekly, semiannual, quarterly and annual value levels are 3447, 3458, 3456, 3424, 3078 and 2669 with a daily risky level at 3618, the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3834.

    Dow Transports - (7586) Quarterly, semiannual, and annual value levels are 7407, 7376, 7256, 7245, 6249 and 5935 with a weekly risky level at 7713, the April 23 all-time intraday high at 7774.58 and monthly and daily risky levels at 7812 and 7872.

    Russell 2000 - (1123.03) Annual value levels are 966.72 and 879.39 with weekly and semiannual pivots at 1123.43, 1133.29 and 1130.29, daily, quarterly and monthly risky levels at 1156.78, 1169.22 and 1211.52, and the March 4 all-time intraday high at 1212.82.

    The SOX - (572.19) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with monthly, weekly and daily risky levels at 581.64, 582.66 and 593.28 and the April 3 multiyear intraday high at 601.40.

    Dow Utilities: (551.66) Weekly, quarterly, semiannual, monthly and annual value levels are 547.31, 528.10, 524.37, 504.74, 502.03 and 497.53, with an annual pivot at 548.70, the April 25 multiyear intraday high at 551.83, a daily risky level at 554.41 and the January 2008 all-time high is at 555.71.

    10-Year Note - (2.668) Daily, weekly and monthly value levels are 2.723, 2.745 and 2.851 with quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.

    30-Year Bond - (3.449) Daily, weekly and monthly value levels are 3.466,3.506 and 3.718 with quarterly, annual and semiannual risky levels at 3.305, 3.283, 3.114, 3.107 and 2.624.

    Comex Gold - ($1302.8) Daily, monthly and quarterly value levels are $1263.7, $1264.2 and $1215.7 with weekly, semiannual and annual risky levels at $1312.3, $1747.4, $1818.8 and $1857.1.

    Nymex Crude Oil - ($100.64) Monthly and quarterly value levels are $95.04 and $89.40 with a weekly pivot at $100.43 and daily, semiannual and annual risky levels at $101.48, $104.74 and $107.52.

    The Euro - (1.3833) Annual, quarterly and semiannual value levels are 1.3382, 1.3185, 1.2642 and 1.2216 with daily and weekly pivots at 1.3816 and 1.3836, and monthly and annual risky levels at 1.3922 and 1.5512.

    The Dollar versus Japanese Yen - (102.15) Annual and semiannual value levels are 93.38 and 85.57 with daily, weekly, monthly and quarterly risky levels at 102.84, 102.90, 104.99 and 105.66.

    The British Pound - (1.6799) Annual and quarterly value levels are 1.6262 and 1.6123 with daily and weekly pivots at 1.6852 and 1.6631 and a monthly risky level at 1.7497.

    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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