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Richard Suttmeier
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I am the Founder & CEO at Global Market Consultants, Ltd. I consider myself as a Financial Engineer with an engineering degree from Georgia Tech and a Master of Science degree from Brooklyn Poly. In 1972 I began my career in the financial services industry trading U.S. Treasury securities in the... More
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  • Stocks Stall On Overbought Daily Charts.  0 comments
    Jun 11, 2014 5:33 PM | about stocks: TLT, GLD, XLE, DIA, QQQ, SPY

    Dow Industrials, S&P 500, the Nasdaq, Dow Transports and Russell 2000 still have overbought daily charts. Dow Industrials, S&P 500 and Dow Transports still have overbought weekly charts. The Nasdaq and Russell 2000 have rising 12x3x3 weekly slow stochastic readings.

    A warning is that the Dow industrial Average closed Wednesday below its semiannual pivot at 16860 with the Russell 2000 below its quarterly pivot at 1169.22.

    Weekly and monthly risky levels are; 17202 and 17471 Dow Industrials, 1981.8 and 2020.7 S&P 500, 4340 and 4532 Nasdaq, 8414 and 8463 Dow Transports and 1213.68 Russell 2000.

    New all-time highs or multiyear highs were set on Monday at 16970.17 Dow Industrials, 1955.55 S&P 500, 3804.04 Nasdaq 100 and 8256.79 Dow Transports. The PHLX Semiconductor index (SOX) set a new multiyear intraday high at 625.91 on Wednesday. The laggards vs. recent highs are the Nasdaq with its March 7 high at 4371.71, the Russell 2000 with its March 4 high at 1212.82 and Dow Utilities with its all-time high at 558.29 wet on April 30.

    When I look at where new monthly, quarterly and semiannual levels are likely to be, the projections are that the major averages will have new risky levels at which to sell on strength.

    All five major equity averages ended last week above their five-week modified moving averages at 16575 Dow Industrials, 1895.2 S&P 500, 4186 Nasdaq, 7866 Dow Transports and 1136.46 Russell 2000.

    Regardless of the upside potential there is risk to annual value levels in the second half of 2014 at 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: (16844) Quarterly, semiannual and annual value levels are 16462, 16245, 14835 and 13467 with a semiannual pivot at 16860, the June 9 all-time intraday high at 16970.17 and daily, weekly and monthly risky levels at 16959, 17202 and 17471.

    S&P 500 - (1943.9) Quarterly, semiannual and annual value levels are 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with the June 9 all-time intraday high at 1955.55 and daily, weekly and monthly risky levels at 1955.7, 1981.8 and 2020.7.

    NASDAQ - (4332) Quarterly, semiannual and annual value levels are 4039, 3930, 3920, 3471 and 3063 with a weekly pivot at 4340, a daily risky level at 4352, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4532.

    NASDAQ 100 (NDX) - (3798) Semiannual, quarterly and annual value levels are 3456, 3424, 3078 and 2669 with the June 9 multiyear intraday high at 3804.04, and daily, weekly and monthly risky levels at 3812, 3842 and 3966.

    Dow Transports - (8142) Quarterly, semiannual, and annual value levels are 7407, 7376, 7245, 6249 and 5935 with a daily risky level at 8198, the June 9 all-time intraday high at 8256.79 and weekly and monthly risky levels at 8414 and 8463.

    Russell 2000 - (1166.71) Weekly, semiannual and annual value levels are 1153.22, 1133.29, 1130.79, 966.72 and 879.39 with a quarterly pivot at 1169.22, a daily risky level at 1173.82, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1213.68.

    The SOX - (623.46) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with weekly and monthly pivots at 617.90 and 621.90, the June 11 multiyear intraday high at 625.91 and daily risky level at 631.43.

    Dow Utilities: (537.50) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with daily, weekly and monthly risky levels at 545.38, 553.51 and 557.32 and the April 30 all-time intraday high at 558.29.

    10-Year Note - (2.633) Daily and monthly value levels are 2.734 and 2.708 with weekly, quarterly, annual and semiannual risky levels at 2.563, 2.333, 2.263, 1.837 and 1.779.

    30-Year Bond - (3.460) Monthly and daily value levels are 3.492 and 3.557 with weekly, quarterly, annual and semiannual risky levels at 3.356, 3.305, 3.283, 3.114, 3.107 and 2.624.

    Comex Gold - ($1260.8) Daily, weekly, quarterly and monthly value levels are $1255.2, $1243.6, $1215.7 and $1209.6 with semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.

    Nymex Crude Oil - ($104.45) Weekly, monthly and quarterly value levels are $101.08, $96.59 and $89.40 with a daily pivot at $103.97, and semiannual and annual risky levels at $104.97 and $107.52.

    The Euro - (1.3527) Annual, quarterly and semiannual value levels are 1.3382, 1.3185 and 1.2642 with daily and weekly pivots at 1.3548 and 1.3566 and monthly and annual risky levels at 1.3833 and 1.5512.

    The Dollar versus Japanese Yen - (102.45) My annual value level is 93.38 with daily and weekly pivots at 102.99 and 102.58 and monthly and quarterly risky levels at 105.97 and 105.66.

    The British Pound - (1.6788) Annual and quarterly value levels are 1.6262 and 1.6123 with a daily pivot at 1.6789 and weekly and monthly risky levels at 1.6891 and 1.6970.

    To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact me at RSuttmeier@gmail.com.

    Disclosure: The author has 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
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