Our overall neutral zone remains the way it was at the beginning of the year - between semiannual value levels at 3930 and 3920 on the Nasdaq to a semiannual risky level at 16860 on Dow Industrials. These levels go away at the end of June. The year-to-date intraday low for the Nasdaq was 3946 on April 15 and year-to-date high is an all-time high for Dow Industrials at 16735.51 on May 13.
In-between are semiannual and quarterly pivots at 16245 and 16462 Dow Industrials, 1797.3, 1764.4 and 1853.5 S&P 500, 4039 Nasdaq, 7376, 7245 and 7407 Dow Transports and 1130.79, 1133.29 and 1169.22 on the Russell 2000.
All five major equity averages ended last week above their five-week modified moving averages at 16,492 Dow Industrials, 1881.9 S&P 500, 4152 Nasdaq, 7781 Dow Transports and 1129.50 Russell 2000. Dow Industrials, the S&P 500 and Dow Transports have overbought 12x3x3 weekly slow stochastics. The Nasdaq and Russell 2000 have rising 12x3x3 weekly slow stochastics.
Friday's highs were new all-time intraday highs for the S&P 500 at 1924.03 and Dow Transports at 8113.49.
We have weekly value levels at 16571 Dow Industrials, 1896.9 S&P 500, 4123 Nasdaq, 7994 Dow Transports and 1092.51 Russell 2000.
Monthly risky levels ate 17471 Dow Industrials, 2020.7 S&P 500, 4532 Nasdaq, 8463 Dow Transports and 1213.68 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.
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: (16717) Weekly, quarterly, semiannual and annual value levels are 16571, 16462, 16245, 14835 and 13467 with a daily pivot at 16710, the May 13 all-time intraday high at 16735.51 and semiannual and monthly risky levels at 16860 and 17471.
S&P 500 - (1923.6) Weekly, quarterly, semiannual and annual value levels are 1896.9, 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with a daily pivot at 1924.4, the May 30 all-time intraday high at 1924.03 and monthly risky level at 2020.7.
NASDAQ - (4243) Weekly, quarterly, semiannual and annual value levels are 4123, 4039, 3930, 3920, 3471 and 3063 with a daily risky level at 4266, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4532.
NASDAQ 100 (NDX) - (3737) Weekly, semiannual, quarterly and annual value levels are 3660, 3456, 3424, 3078 and 2669 with the May 30 multiyear intraday high at 3741.57, and daily and monthly risky levels at 3764 and 3966.
Dow Transports - (8105) Weekly, quarterly, semiannual, and annual value levels are 7994, 7407, 7376, 7245, 6249 and 5935 with a daily pivot at 8102, the May 30 all-time intraday high at 8113.49 and monthly risky level at 8463.
Russell 2000 - (1134.50) Weekly and annual value levels are 1092.51, 966.72 and 879.39 with semiannual and daily pivots at 1133.29, 1130.29 and 1136.58, a quarterly risky level at 1169.22, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1213.68.
The SOX - (599.59) Weekly, semiannual, quarterly and annual value levels are 582.48, 548.36, 507.19, 490.52, 371.58 and 337.74 with the April 3 multiyear intraday high at 601.40 and daily and monthly risky levels at 601.81 and 621.90.
Dow Utilities: (544.96) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with a daily pivot at 545.78, and annual, weekly and monthly risky levels at 548.70, 551.61 and 557.32 and the April 30 all-time intraday high at 558.29.
10-Year Note - (2.475) A monthly value level is 2.708 with a daily pivot at 2.458 and weekly, quarterly, annual and semiannual risky levels at 2.428, 2.333, 2.263, 1.837 and 1.779.
30-Year Bond - (3.327) A monthly value level is 3.492 with daily and quarterly pivots at 3.334 and 3.305, and annual, weekly and semiannual risky levels at 3.283, 3.223, 3.114, 3.107 and 2.624.
Comex Gold - ($1250.7) Quarterly and monthly value levels are $1215.7 and $1209.6 with daily and weekly pivots at $1252.2 and $1272.7 and semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.
Nymex Crude Oil - ($102.87) Monthly and quarterly value levels are $96.59 and $89.40 with a weekly pivot at $103.45 and daily, semiannual and annual risky levels at $104.18, $104.97 and $107.52.
The Euro - (1.3633) Daily, annual, quarterly and semiannual value levels are 1.3570, 1.3382, 1.3185 and 1.2642 with weekly, monthly and annual risky levels at 1.3758, 1.3833 and 1.5512.
The Dollar versus Japanese Yen - (101.78) Weekly and annual value levels are 100.59 and 93.38 with a daily pivot at 102.06 and monthly and quarterly risky levels at 105.97 and 105.66.
The British Pound - (1.6761) Annual and quarterly value levels are 1.6262 and 1.6123 with a daily pivot at 1.6777, and monthly and weekly risky levels at 1.6970 and 1.7023.
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.