Talk about a bar-bell strategy the Nasdaq 100 set a multiyear intraday high at 3844.89 on Friday with the Dow Utility Average setting an all-time intraday high at 572.70.
The YTD winner going into the last day of the second quarter and at mid-year is the PHLX Semiconductor Index (SOX) with a gain of 17.6% followed by utilities with a gain of 16.5%.
The weekly charts are positive for all five major equity averages with overbought conditions on Dow Industrials, S&P 500, Nasdaq and Dow Transports and with the Russell 2000 with rising stochastics.
The five-week modified moving averages are 16720 Dow industrials, 1925.1 S&P 500, 4275 Nasdaq, 8006 Dow Transports and 1159.15 Russell 2000.
A weekly value level is 1174.78 on the Russell 2000 with weekly risky levels at 16987 Dow Industrials, 1974.6 S&P 500, 4407 Nasdaq and 8405 Dow Transports.
All-time highs or multiyear highs are at 16978.02 Dow Industrials set on June 20, 1968.17 S&P 500 set on June 24, 4399.87 Nasdaq set on June 24, 8256.79 Dow Transports set on June 9 and 1212.82 Russell 2000 set on March 4.
The year-to-date leaders have been the PHLX Semiconductor index (SOX) with a multiyear intraday high at 637.91 set on June 24 up 17.6% YTD, and Dow Utilities with an all-time intraday high at $572.70 set on June 27, up 16.5% YTD.
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.
Today's closes will set new monthly, quarterly and semiannual risky levels.
Dow Industrials: (16852) Quarterly, semiannual and annual value levels are 16462, 16245, 14835 and 13467 with a semiannual pivot at 16860, the June 20 all-time intraday high at 16978.02 and daily, weekly and monthly risky levels at 16958, 16987 and 17471.
S&P 500 - (1961.0) Quarterly, semiannual and annual value levels are 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with the June 24 all-time intraday high at 1968.17 and daily, weekly and monthly risky levels at 1975.9, 1974.6 and 2020.7.
NASDAQ - (4398) Quarterly, semiannual and annual value levels are 4039, 3930, 3920, 3471 and 3063 with the June 24 multiyear intraday high at 4399.87 and weekly, daily and monthly risky levels at 4407, 4410 and 4532.
NASDAQ 100 (NDX) - (3844) Semiannual, quarterly and annual value levels are 3456, 3424, 3078 and 2669 with the June 27 multiyear intraday high at 3844.89, and daily, weekly and monthly risky levels at 3853, 3883 and 3966.
Dow Transports - (8175) Quarterly, semiannual, and annual value levels are 7407, 7376, 7245, 6249 and 5935 with the June 9 all-time intraday high at 8256.79 and daily, weekly and monthly risky levels at 8275, 8405 and 8463.
Russell 2000 - (1189.50) Weekly, quarterly, semiannual and annual value levels are 1174.78, 1169.22, 1131.70, 1133.29, 1130.79, 966.72 and 879.39 with a daily risky level at 1191.42, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1213.68.
The SOX - (629.27) Monthly, semiannual, quarterly and annual value levels are 621.90, 548.36, 507.19, 490.52, 371.58 and 337.74 with a daily pivot 627.15, the June 24 multiyear intraday high at 637.91 and weekly risky level at 642.33.
Dow Utilities: (571.71) Weekly, monthly, quarterly, semiannual and annual value levels are 558.20, 557.32, 528.10, 524.37, 504.74 and 497.53, with the June 27 all-time intraday high at 572.70 and daily risky level at 583.07.
10-Year Note - (2.529) A monthly value level is 2.708 with daily and weekly pivots at 2.500 and 2.530 and quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.
30-Year Bond - (3.360) Weekly and monthly value levels are 3.423 and 3.492 with a daily pivot at 3.366 and quarterly, annual and semiannual risky levels at 3.305, 3.283, 3.114, 3.107 and 2.624.
Comex Gold - ($1317.7) Weekly, quarterly and monthly value levels are $1281.1, $1215.7 and $1209.6 with daily, semiannual, annual and semiannual risky levels at $1355.9, $1710.6, $1747.4, $1818.8 and $1857.1.
Nymex Crude Oil - ($105.73) Monthly and quarterly value levels are $96.59 and $89.40 with semiannual and daily pivots at $104.97 and $105.80, and annual and weekly risky levels at $107.52 and $108.45.
The Euro - (1.3648) Weekly, annual, quarterly and semiannual value levels are 1.3415, 1.3382, 1.3185 and 1.2642 with a daily pivot at 1.3684 and monthly and annual risky levels at 1.3833 and 1.5512.
The Dollar versus Japanese Yen - (101.42) My annual value level is 93.38 with daily and weekly pivots at 101.45 and 101.42 and monthly and quarterly risky levels at 105.97 and 105.66.
The British Pound - (1.7044) Annual and quarterly value levels are 1.6262 and 1.6123 with weekly and monthly pivots at 1.6935 and 1.6970 with a daily pivot at 1.7070.
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