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New Highs For Industrials & Transports End With Possible Key Reversals

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

The Dow Jones Industrial Average and Dow Jones Transportation Average set all-time highs at 17151.56 and 8406.17 on Thursday but closed below their Wednesday lows at 17061.91 and 8355.61 which sets up "key reversals" given lower closes today and Monday.

The Russell 2000 ended Thursday below its 200-day simple moving average at 1140.50 and will have a negative weekly chart unless this index can rebound today to a weekly close above its five-week modified moving average at 1167.45 which seems highly unlikely.

The weekly charts remain positive but overbought for Dow Industrials, S&P 500, Nasdaq and Dow Transports with weekly closes above their five-week modified moving averages at 16822 Dow Industrials, 1943.4 S&P 500, 4337 Nasdaq and 8103 Dow Transports.

Semiannual and annual value levels are 16301, 14835 and 13437 Dow Industrials, 1789.3, 1539.1 and 1442.1 S&P 500, 3972, 3471, 3063 Nasdaq, 7423, 6249 and 5935 Dow Transports and 1139.81, 966.72 and 879.39 Russell 2000. A close today below 1139.81 on the Russell 2000 is a huge negative.

Monthly, quarterly and semiannual risky levels are 17364, 17753 and 18522 Dow Industrials, 1994.2, 2052.3 and 2080.3 S&P 500, 4529, 4569 and 4642 Nasdaq, 8447 Dow Transports and 1215.89, 1293.11 and 1285.37 on Russell 2000. Dow Transports straddles quarterly and monthly pivots at 8256 and 8365,

Dow Industrials: (16977) Daily, semiannual and annual value levels are 16,967, 16301, 14835 and 13467 with the July 17 all-time intraday high at 17151.56, and weekly, monthly, quarterly and semiannual risky levels at 17237, 17364, 17753 and 18552.

S&P 500 - (1958.1) Semiannual and annual value levels are 1789.3, 1539.1 and 1442.1 with a daily pivot at 1960.3, the July 3 all-time intraday high at 1985.29, and monthly, weekly, quarterly and semiannual risky levels at 1994.2, 2023.1, 2052.3 and 2080.3.

NASDAQ - (4363) Daily, semiannual and annual value levels are 4356, 3972, 3471 and 3063 with the July 3 multiyear intraday high at 4485.93 and monthly, quarterly, weekly and semiannual risky levels at 4529, 4569, 4608 and 4642.

NASDAQ 100 (NDX) - (3878) Semiannual and annual value levels are 3515, 3078 and 2669 with daily, quarterly and monthly pivots at 3883, 3896 and 3936, the July 16 multiyear intraday high at 3947.49, and weekly and semiannual risky levels at 4049 and 4105.

Dow Transports - (8279) Quarterly, semiannual and annual value levels are 8256, 6249 and 5935 with daily and monthly pivots at 8355 and 8356, the July 17 all-time intraday high at 8406.17, and semiannual and weekly risky levels at 8447 and 8494.

Russell 2000 - (1133.60) Daily and annual value levels are 1125.69, 966.72 and 879.39 with a semiannual pivot at 1139.81, the July 1 all-time intraday high at 1213.55, and monthly, weekly, semiannual and quarterly risky levels at 1215.89, 1229.20, 1285.37 and 1293.11.

The SOX - (635.32) Quarterly, semiannual and annual value levels are 626.96, 608.02, 512.94, 371.58 and 337.74 with daily and monthly pivots at 640.46 and 642.34, the July 16 multiyear intraday high 652.28 and weekly risky level at 676.71.

Dow Utilities: (553.08) Annual, quarterly, semiannual and annual value levels are 548.70, 536.44, 523.72 and 497.53, with daily, monthly and weekly pivots at 558.29, 563.54 and 569.49, the June 30 all-time intraday high at 576.98 and semiannual risky level at 612.49.

10-Year Note - (2.457) Weekly, monthly and quarterly value levels are 2.597, 2.787 and 3.048 with daily, annual and semiannual risky levels at 2.434, 2.263, 1.999 and 1.779.

30-Year Bond - (3.273) Weekly, monthly and quarterly value levels are 3.442, 3.486 and 3.971 with an annual pivot at 3.283 and daily and semiannual risky levels at 3.247, 3.107 and 3.082.

Comex Gold - ($1320.2) Quarterly and monthly value levels are $1234.6 and $1233.8 with weekly and daily pivots at $1308.8 and $1316.8 and semiannual and annual risky levels at $1613.0, $1738.7, $1747.4 and $1818.8.

Nymex Crude Oil - ($103.04) A daily value level is $100.51, with monthly, weekly, semiannual, annual and quarterly risky levels at $105.23, $105.44, $107.52 and $113.12..

The Euro - (1.3526) Annual and semiannual value levels are 1.3382 and 1.2203 with daily and weekly pivots at 1.3559 and 1.3531 and monthly, quarterly, semiannual and annual risky levels at 1.3819, 1.4079, 1.4617 and 1.5512.

The Dollar versus Japanese Yen - (101.51) An annual value level is 93.38 with daily and weekly pivots at 101.06 and 102.16 and monthly and quarterly risky levels at 106.47 and 112.83.

The British Pound - (1.7104) Quarterly and annual value levels are 1.6874 and 1.6262 with weekly and daily pivots at 1.7144 and 1.7119 and semiannual and monthly risky levels at 1.7302 and 1.7438.

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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