The Russell 2000 is below its semiannual and quarterly pivots at 1130.79 and 1133.29.and 1169.22 which should prevent new highs for the other major averages.
The daily chart for Dow Industrials shifts to negative on a close today below its 21-day and 50-day simple moving averages at 16395 and 16356. The same for the S&P 500 with a close below 1863.64 and 1864.1. The same for Dow Transports with a close below 7595 and 7541. The Nasdaq's daily chart stays negative with a close below 4098 and 4200. The Russell 2000 is the biggest drag as it is below its 200-day SMA at 1114.32 with its 21-day and 50-day SMAs at 1130.94 and 1161.96.
The major averages straddle projected five-week modified moving averages at 16334 Dow Industrials, 1858.7 S&P 500, 4121 Nasdaq, 7559 Dow Transports and 1135.23 Russell 2000.
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 the week between its semiannual pivot at 16245, and its quarterly pivot at 16462.
Favoring the bears is the fact that the Russell 2000 remains below its semiannual pivots at 1133.29 and 1130.79.
The week's value levels are 16198 Dow Industrials, 1841.2 S&P 500, 3936 Nasdaq, 7517 Dow Transports and 1087.86 Russell 2000. This month's risky levels are at new highs;17407 Dow Industrials, 2006.7 S&P 500, 4581 Nasdaq, 8361 Dow Transports and 1261.38 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: (16401) Semiannual, weekly and annual value levels are 16245, 16198, 14835 and 13467 with quarterly and daily pivots at 16462 and 16461, the April 4 all-time intraday high at 16631.63 and semiannual and monthly risky levels at 16860 and 17407.
S&P 500 - (1867.7) Quarterly, weekly, semiannual and annual value levels are 1853.5, 1841.2, 1797.3, 1764.4, 1539.1 and 1442.1 with a daily pivot at 1872.5, the April 4 all-time intraday high at 1897.28 and monthly risky level at 2006.7.
NASDAQ - (4081) Daily, quarterly, weekly, semiannual and annual value levels are 4056, 4039, 3936, 3930, 3920, 3471 and 3063 with the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4581.
NASDAQ 100 (NDX) - (3557) Weekly, semiannual, quarterly and annual value levels are 3426, 3458, 3456, 3424, 3078 and 2669 with a daily a daily pivot at 3550, the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3960.
Dow Transports - (7657) Daily, weekly, quarterly, semiannual, and annual value levels are 7594, 7517, 7407, 7376, 7256, 7245, 6249 and 5935 with the April 23 all-time intraday high at 7774.58 and monthly risky level at 8361.
Russell 2000 - (1108.01) Daily, weekly and annual value levels are 1096.73, 1087.86, 966.72 and 879.39 with semiannual pivots at 1133.29 and 1130.29, a quarterly risky level at 1169.22, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1261.38.
The SOX - (573.48) Daily, semiannual, quarterly and annual value levels are 555.46, 548.36, 507.19, 490.52, 371.58 and 337.74 with weekly and monthly pivots at 573.07 and 582.66, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61.
Dow Utilities: (544.86) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with annual and monthly pivots at 548.70 and 549.73, daily and weekly risky levels at 553.96 and 556.71 and the April 30 all-time intraday high at 558.29.
10-Year Note - (2.593) Monthly, weekly and daily pivots 2.616, 2.550 and 2.579 with quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.
30-Year Bond - (3.382) Our monthly value level is 3.586 with a daily pivot at 3.391 and quarterly, weekly, annual and semiannual risky levels at 3.305, 3.281, 3.283, 3.114, 3.107 and 2.624.
Comex Gold - ($1307.6) Weekly, quarterly and monthly value levels are $1287.2, $1215.7 and $1170.4 with a daily pivot at $1306.7, and semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.
Nymex Crude Oil - ($99.59) Daily, monthly and quarterly value levels are $98.11, $90.39 and $89.40 with a weekly pivot at $99.55 and semiannual and annual risky levels at $104.74 and $107.52.
The Euro - (1.3931) Weekly, annual, quarterly and semiannual value levels are 1.3778, 1.3382, 1.3185, 1.2642 and 1.2216 with a daily pivot at 1.3910, and monthly and annual risky levels at 1.4171 and 1.5512.
The Dollar versus Japanese Yen - (101.63) Weekly, annual and semiannual value levels are 101.19, 93.38 and 85.57 with a daily pivot at 102.02 and monthly and quarterly risky levels at 105.37 and 105.66.
The British Pound - (1.6979) Weekly, annual and quarterly value levels are 1.6703, 1.6262 and 1.6123 with a daily pivot at 1.6953 and a monthly risky level at 1.7556.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.