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Will Comments By Yellen Get The Bulls Or The Bears Yelling?

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

The weekly charts are positive with overbought conditions on Dow Industrials, S&P 500 and Dow Transports with the Nasdaq and Russell 200 having rising stochastics.

There is still a potential end of quarter "melt-up" as monthly risky levels are 17471 Dow Industrials, 2020.7 S&P 500, 4532 Nasdaq, 8463 Dow Transports and 1213.68 Russell 2000.

On the bear side is that potential weekly key reversal on Dow Transports with a close this week below 8043. In addition weekly pivots are 16869 Dow Industrials, 1945.5 S&P 500, 4290 Nasdaq, 8196 Dow Transports and 1131.70 on Russell 2000. Failure to hold these levels favors profit-taking into the end of the quarter.

Semiconductors have become the leaders on the resurgence of old tech stocks with the PHLX Semiconductor index (SOX) setting a multiyear intraday high at 636.59 on Tuesday.

The five-week modified moving averages are 16616 Dow Industrials, 1903.5 S&P 500, 4211 Nasdaq, 7901 Dow Transports and 1141.68 Russell 2000 with all-time highs or multiyear highs at 16970.17 Dow Industrials, 1955.55 S&P 500 and 8256.79 Dow Transports set on June 9, at 4371.71 Nasdaq on March 7 and 1212.82 Russell 2000 on March 4.

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: (16808) Quarterly, semiannual and annual value levels are 16462, 16245, 14835 and 13467 with daily, semiannual and weekly pivots at 16845, 16860 and 16869, the June 9 all-time intraday high at 16970.17 and monthly risky level at 17471.

S&P 500 - (1942.0) Quarterly, semiannual and annual value levels are 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with daily and weekly pivots at 1944.7 and 1945.5, the June 9 all-time intraday high at 1955.55 and monthly risky level at 2020.7.

NASDAQ - (4337) Weekly, quarterly, semiannual and annual value levels are 4290, 4039, 3930, 3920, 3471 and 3063 with a daily risky level at 4355, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4532.

NASDAQ 100 (NDX) - (3781) 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 3794, 3804 and 3966.

Dow Transports - (8056) Quarterly, semiannual, and annual value levels are 7407, 7376, 7245, 6249 and 5935 with a daily pivot at 8067, a weekly risky level at 8196, the June 9 all-time intraday high at 8256.79 and monthly risky level at 8463.

Russell 2000 - (1176.62) Weekly, semiannual and annual value levels are 1131.70, 1133.29, 1130.79, 966.72 and 879.39 with a quarterly pivot at 1169.22, a daily risky level at 1184.42, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1213.68.

The SOX - (635.50) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with weekly and monthly pivots at 613.01 and 621.90, the June 17 multiyear intraday high at 636.59 and daily risky level at 636.85.

Dow Utilities: (553.51) Quarterly, semiannual and annual value levels are 528.10, 524.37, 504.74 and 497.53, with daily and weekly pivots 541.41 and 543.04, a monthly risky level at 557.32 and the April 30 all-time intraday high at 558.29.

10-Year Note - (2.655) A monthly value level is 2.708 with a daily pivot at 2.653 and weekly, quarterly, annual and semiannual risky levels at 2.438, 2.333, 2.263, 1.837 and 1.779.

30-Year Bond - (3.443) A monthly value level is 3.492 with a daily pivot at 3.436 and quarterly, weekly, annual and semiannual risky levels at 3.305, 3.287, 3.114, 3.107 and 2.624.

Comex Gold - ($1270.5) Weekly, quarterly and monthly value levels are $1268.5, $1215.7 and $1209.6 with daily, semiannual and annual risky levels at $1278.3, $1710.6, $1747.4, $1818.8 and $1857.1.

Nymex Crude Oil - ($106.37) Weekly, monthly and quarterly value levels are $101.25, $96.59 and $89.40 with a semiannual pivot at $104.97 and daily and annual risky levels at $108.44 and $107.52.

The Euro - (1.3545) Daily, annual, quarterly and semiannual value levels are 1.3461, 1.3382, 1.3185 and 1.2642 with a weekly pivot at 1.3550 and monthly and annual risky levels at 1.3833 and 1.5512.

The Dollar versus Japanese Yen - (102.14) My annual value level is 93.38 with daily and weekly pivots at 101.84 and 101.57 and monthly and quarterly risky levels at 105.97 and 105.66.

The British Pound - (1.6960) Annual and quarterly value levels are 1.6262 and 1.6123 with daily and weekly pivots at 1.6937 and 1.6916 and monthly pivot at 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