Dow Industrials set a new all-time intraday high at 16704.84 on Monday vs. this week's risky level at 16715 and closing in on its semiannual risky level at 16860. Dow Transports set an all-time intraday high at 7871.10. The S&P 500 came close but did not set a new high.
The Nasdaq traded as low as 2946 on April 15 holding its semiannual value levels at 3930 and 3920 keeping the low end of the overall trading range intact with 16860 Dow Industrials at the high end.
The Nasdaq and Russell 2000 are well below their multiyear intraday high and all-time intraday high at 4371.71 (March 7) and 1212.82 (March 4), respectively.
The Russell 2000 returned to its semiannual pivots at 1130.79 and 1133.29 with its five-week modified moving average at 1135.56 and quarterly pivot at 1169.22.
The major averages ended last week straddling their five-week modified moving averages at 16378 Dow Industrials, 1861.5 S&P 500, 4121 Nasdaq, 7575 Dow Transports and 1135.56 Russell 2000. The weekly charts remained negative for the Nasdaq and Russell 2000, while the others remained positive.
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 above its semiannual pivot at 16245, and its quarterly pivot at 16462. Favoring the bears is that the Russell 2000 ended last week below its semiannual pivots at 1133.29 and 1130.79 and its quarterly pivot at 1169.22.
The week's value levels are 3977 Nasdaq, 7693 Dow Transports and 1088.49 Russell 2000 with a weekly pivot at 1885.8 S&P 500 and weekly risky levels at 16715 Dow Industrials.
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: (16695) Daily, quarterly, semiannual, weekly and annual value levels are 16541, 16462, 16245, 16198, 14835 and 13467 with the May 12 all-time intraday high at 16704.84 and weekly, semiannual and monthly risky levels at 16715, 16860 and 17407.
S&P 500 - (1896.7) Daily, quarterly, semiannual and annual value levels are 1881.1, 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with a weekly pivot at 1885.8, the April 4 all-time intraday high at 1897.28 and monthly risky level at 2006.7.
NASDAQ - (4144) Daily, quarterly, weekly, semiannual and annual value levels are 4096, 4039, 3977, 3930, 3920, 3471 and 3063 with the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4581.
NASDAQ 100 (NDX) - (3613) Daily, weekly, semiannual, quarterly and annual value levels are 3576, 3478, 3458, 3456, 3424, 3078 and 2669 with the March 6 multiyear intraday high at 3738.32, and monthly risky level at 3960.
Dow Transports - (7867) Daily, weekly, quarterly, semiannual, and annual value levels are 7796, 7693, 7517, 7407, 7376, 7256, 7245, 6249 and 5935 with the May 12 all-time intraday high at 7871.10 and monthly risky level at 8361.
Russell 2000 - (1133.65) Daily, weekly and annual value levels are 1110.82, 1088.49, 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 - (586.48) Daily, semiannual, quarterly and annual value levels are 579.48, 548.36, 507.19, 490.52, 371.58 and 337.74 with a weekly risky level at 588.09, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61.
Dow Utilities: (534.49) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with a daily pivot at 535.79, annual and monthly pivots at 548.70 and 549.73, a weekly risky level at 551.70 and the April 30 all-time intraday high at 558.29.
10-Year Note - (2.659) A weekly value level is 2.694 with a monthly pivot at 2.616, and daily, quarterly, annual and semiannual risky levels at 2.580, 2.333, 2.263, 1.837 and 1.779.
30-Year Bond - (3.496) Our monthly value level is 3.586 with daily, weekly, quarterly, weekly, annual and semiannual risky levels at 3.394, 3.411, 3.305, 3.281, 3.283, 3.114, 3.107 and 2.624.
Comex Gold - ($1296.1) Weekly, quarterly and monthly value levels are $1224.0, $1215.7 and $1170.4 with a daily pivot at $1300.1, and semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.
Nymex Crude Oil - ($100.66) Monthly and quarterly value levels are $90.39 and $89.40 with a daily pivot at $100.27 and weekly, semiannual and annual risky levels at $103.41, $104.74 and $107.52.
The Euro - (1.3757) Weekly, annual, quarterly and semiannual value levels are 1.3684, 1.3382, 1.3185, 1.2642 and 1.2216 with daily, monthly and annual risky levels at 1.3812, 1.4171 and 1.5512.
The Dollar versus Japanese Yen - (102.13) Annual and semiannual value levels are 93.38 and 85.57 with a daily pivot at 101.74 and weekly, monthly and quarterly risky levels at 103.19, 105.37 and 105.66.
The British Pound - (1.6867) Annual and quarterly value levels are 1.6262 and 1.6123 with a weekly pivot at 1.6833 and daily and monthly risky levels at 1.6917 and 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.