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The Russell 2000 Sets A New 2014 Low On Thursday.

|Includes:DIA, GLD, QQQ, SPY, iShares 20+ Year Treasury Bond ETF (TLT), XLE

Dow Industrials, S&P 500 and Dow Transports will have positive but overbought weekly charts which is the bull on the tug-of-war. The Nasdaq and Russell 2000 have negative weekly charts which is the bear on the tug-of-war.

The Russell 2000 set a new 2014 low at 1082.23 on Thursday. 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, and they faded again on Tuesday.

The Russell 2000 could not get above its semiannual pivots at 1130.79 and 1133.29 and its five-week modified moving average at 1135.56 so far this week.

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 that Dow Industrials remains above its semiannual pivot at 16245, and its quarterly pivot at 16462. Favoring the bears is that the Russell 2000 just can't navigate above semiannual pivots at 1133.29 and 1130.79 and its quarterly pivot at 1169.22.

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: (16447) Semiannual, weekly and annual value levels are 16245, 16198, 14835 and 13467 with a quarterly pivot at 16462, and daily and weekly risky levels at 16574 and 16,715, the May 13 all-time intraday high at 16735.51 and semiannual and monthly risky levels at 16860 and 17407.

S&P 500 - (1870.9) Quarterly, semiannual and annual value levels are 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with daily and weekly risky levels at 1876.3 and 1885.8, the May 13 all-time intraday high at 1902.17 and monthly risky level at 2006.7.

NASDAQ - (4069) Daily, quarterly, weekly, semiannual and annual value levels are 4036, 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) - (3565) Daily, weekly, semiannual, quarterly and annual value levels are 3539, 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 - (7781) Weekly, quarterly, semiannual, and annual value levels are 7693, 7517, 7407, 7376, 7256, 7245, 6249 and 5935 with a daily risky level at 7868, the May 13 all-time intraday high at 7918.92 and monthly risky level at 8361.

Russell 2000 - (1095.99) Daily, weekly and annual value levels are 1089.51, 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 - (570.00) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with daily and weekly pivots at 576.60 and 588.09, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61.

Dow Utilities: (536.28) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with daily, annual and monthly pivots at 533.60, 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 - (2.496) Daily, monthly and weekly value levels are 2.552, 2.616 and 2.694 with quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.

30-Year Bond - (3.332) Daily, weekly and monthly value levels are 3.406, 3.411 and 3.586 with quarterly, annual and semiannual risky levels at 3.305, 3.281, 3.283, 3.114, 3.107 and 2.624.

Comex Gold - ($1296.2) Daily, weekly, quarterly and monthly value levels are $1281.8, $1224.0, $1215.7 and $1170.4 with semiannual and annual risky levels at $1747.4, $1818.8 and $1857.1.

Nymex Crude Oil - ($101.58) Monthly and quarterly value levels are $90.39 and $89.40 with, daily, weekly, semiannual and annual risky levels at $102.45, $103.41, $104.74 and $107.52.

The Euro - (1.3713) Daily, weekly, annual, quarterly and semiannual value levels are 1.3690, 1.3684, 1.3382, 1.3185, 1.2642 and 1.2216 with monthly and annual risky levels at 1.3730, 1.4171 and 1.5512.

The Dollar versus Japanese Yen - (101.53) Annual and semiannual value levels are 93.38 and 85.57 with a daily pivot at 101.44 and weekly, monthly and quarterly risky levels at 103.19, 105.37 and 105.66.

The British Pound - (1.6792) Annual and quarterly value levels are 1.6262 and 1.6123 with weekly, daily and monthly risky levels at 1.6833, 1.6858 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.

Stocks: TLT, GLD, XLE, DIA, QQQ, SPY