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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 Tug Of War Favored The Bulls Then Came A Tug From The Russell 2000. 0 comments
    May 8, 2014 5:04 PM | about stocks: TLT, GLD, XLE, DIA, QQQ, SPY

    Our theme remains that if the Russell 2000 stays below its semiannual and quarterly pivots at 1130.79 and 1133.29.and 1169.22 new highs will be difficult for the other major averages.

    At Thursday's highs Dow Industrials, S&P 500 and Dow Transports tried to win the war on continued dovish comments from Fed Chief Janet Yellen. Dow Transports eked out a new all-time intraday high at 7775.10. The Russell 2000 and Nasdaq could not hold gains and thus the tug of war pulled the bearish way.

    To confirm a significant market top the major averages need to have weekly closes below semiannual pivots and value levels at 16245 Dow Industrials, 1764.4 S&P 500, 3920 Nasdaq and 7245 Dow Transports. The Russell 2000 remains below its semiannual pivots at 1133.29 and 1130.79.

    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: (16551) Semiannual, weekly and annual value levels are 16245, 16198, 14835 and 13467 with daily and quarterly pivots at 16605 and 16462, the April 4 all-time intraday high at 16631.63 and semiannual and monthly risky levels at 16860 and 17407.

    S&P 500 - (1875.6) Quarterly, weekly, semiannual and annual value levels are 1853.5, 1841.2, 1797.3, 1764.4, 1539.1 and 1442.1 with a daily risky level at 1888.1, the April 4 all-time intraday high at 1897.28 and monthly risky level at 2006.7.

    NASDAQ - (4051) Quarterly, weekly, semiannual and annual value levels are 4039, 3936, 3930, 3920, 3471 and 3063 with a daily risky level at 4116, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4581.

    NASDAQ 100 (NDX) - (3540) Weekly, semiannual, quarterly and annual value levels are 3426, 3458, 3456, 3424, 3078 and 2669 with a daily risky level at 3594, the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3960.

    Dow Transports - (7704) Weekly, quarterly, semiannual, and annual value levels are 7594, 7517, 7407, 7376, 7256, 7245, 6249 and 5935 with a daily risky level at 77782, the May 8 all-time intraday high at 7775.10 and monthly risky level at 8361.

    Russell 2000 - (1097.42) Weekly and annual value levels are 1087.86, 966.72 and 879.39 with daily and semiannual pivots at 1114.08, 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 - (577.83) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with daily, weekly and monthly pivots at 581.98, 573.07 and 582.66, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61.

    Dow Utilities: (547.44) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with daily, annual and monthly pivots at 544.84, 548.70 and 549.73, a weekly risky level at 556.71 and the April 30 all-time intraday high at 558.29.

    10-Year Note - (2.616) Monthly, weekly and daily pivots 2.616, 2.550 and 2.541 with quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.

    30-Year Bond - (3.436) Our monthly value level is 3.586 with daily, quarterly, weekly, annual and semiannual risky levels at 3.362, 3.305, 3.281, 3.283, 3.114, 3.107 and 2.624.

    Comex Gold - ($1289.4) Quarterly and monthly value levels are $1215.7 and $1170.4 with daily and weekly pivots at $1294.21 and $1287.2, and semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.

    Nymex Crude Oil - ($100.27) Daily, weekly, monthly and quarterly value levels are $99.09, $99.55, $90.39 and $89.40 with semiannual and annual risky levels at $104.74 and $107.52.

    The Euro - (1.3844) Weekly, annual, quarterly and semiannual value levels are 1.3778, 1.3382, 1.3185, 1.2642 and 1.2216 with a daily pivot at 1.3884, and monthly and annual risky levels at 1.4171 and 1.5512.

    The Dollar versus Japanese Yen - (101.54) Weekly, annual and semiannual value levels are 101.19, 93.38 and 85.57 with a daily pivot at 101.53 and monthly and quarterly risky levels at 105.37 and 105.66.

    The British Pound - (1.6935) Weekly, annual and quarterly value levels are 1.6703, 1.6262 and 1.6123 with a daily pivot at 1.6998 and a monthly risky level at 1.7556.

    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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