The major averages continue to straddle their five-week modified moving averages at 16250 Dow Industrials, 1847.5 S&P 500, 4149 Nasdaq, 7473 Dow Transports and 1151.19 Russell 2000. The weekly charts are negative for the Nasdaq and Russell 2000, neutral for the others.
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.
Favoring the bulls near term is the fact that Dow Industrials is above its semiannual pivot at 16245 with the Russell 2000 above its semiannual pivot at 1133.29. The next key level of pivots: my quarterly pivot at 16462 Dow Industrials, a monthly risky level at 1895.6 S&P 500 and a quarterly pivot at 1169.22 Russell 2000.
The week's risky levels / pivots are 16502 Dow Industrials, 1877.8 S&P 500, 4101 Nasdaq, 7710 Dow Transports and 1158.46 Russell 2000.
Other key levels that are causing choppy trading are; a monthly pivot at 16297 Dow Industrials, a quarterly pivot at 1853.5 S&P 500, a quarterly pivot at 4039 Nasdaq, a quarterly pivot at 7407 Dow Transports, and a monthly risky level at 1211.52 Russell 2000.
The downside risk in 2014 is to annual value levels at 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and 3063 Nasdaq, 6249 and 5935 on Dow Transports and 966.72 and 879.39 on Russell 2000.
Dow Industrials: (16449) Daily, monthly, semiannual and annual value levels are 16366, 16297, 16245, 14835 and 13467 with a quarterly risky level at 16462, the April 4 all-time intraday high at 16631.63 and semiannual risky level at 16860.
S&P 500 - (1871.9) Daily, semiannual and annual value levels are 1851.5, 1797.3, 1764.4, 1539.1 and 1442.1 with quarterly and weekly pivots at 1853.5 and 1858.1, a weekly risky level at 1877.8, the April 4 all-time intraday high at 1897.28, and a monthly risky level at 1895.6.
NASDAQ - (4122) Daily, quarterly, semiannual and annual value levels are 4047, 4039, 3930, 3920, 3471 and 3063 with a weekly pivot at 4101, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4446.
NASDAQ 100 (NDX) - (3560) Daily, weekly, semiannual, quarterly and annual value levels are 3503, 3517, 3458, 3456, 3424, 3078 and 2669 with the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3834.
Dow Transports - (7686) Daily, quarterly, semiannual, and annual value levels are 7610, 7407, 7376, 7256, 7245, 6249 and 5935 with a weekly pivot at 7710, the April 3 all-time intraday high at 7715.91 and monthly risky level at 7812.
Russell 2000 - (1142.34) Daily and annual value levels are 1119.82, 966.72 and 879.39 with semiannual pivots at 1133.29 and 1130.29, weekly, quarterly and monthly risky levels at 1158.46, 1169.22 and 1211.52, and the March 4 all-time intraday high at 1212.82.
The SOX - (583.48) Daily, semiannual, quarterly and annual value levels are 566.49, 548.36, 507.19, 490.52, 371.58 and 337.74 with weekly and monthly pivots at 584.80 and 581.64 and the April 3 multiyear intraday high at 601.40.
Dow Utilities: (542.78) Weekly, quarterly, semiannual, monthly and annual value levels are 533.37, 528.10, 524.37, 504.74, 502.03 and 497.53, with daily and annual pivots at 542.95 and 548.70, the April 17 multiyear intraday high at 550.08 and the January 2008 all-time high is at 555.71.
10-Year Note - (2.717) A monthly value level is 2.851 with weekly, daily, quarterly, annual and semiannual risky levels at 2.679, 2.658, 2.333, 2.263, 1.837 and 1.779.
30-Year Bond - (3.521) A monthly value level is 3.718 with daily, weekly, quarterly, annual and semiannual risky levels at 3.465, 3.455, 3.305, 3.283, 3.114, 3.107 and 2.624.
Comex Gold - ($1289.6) Monthly and quarterly value levels are $1264.2 and $1215.7 with daily, weekly, semiannual and annual risky levels at $1304.0, $1317.1, $1710.6, $1747.4, $1818.8 and $1857.1.
Nymex Crude Oil - ($104.28) Weekly, monthly and quarterly value levels are $101.96, $95.04 and $89.40 with daily, semiannual and annual risky levels at $105.14, $104.74 and $107.52.
The Euro - (1.3794) Annual, quarterly and semiannual value levels are 1.3382, 1.3185, 1.2642 and 1.2216 with daily, weekly, monthly and annual risky levels at 1.3865, 1.3891, 1.3922 and 1.5512.
The Dollar versus Japanese Yen - (102.61) Annual and semiannual value levels are 93.38 and 85.57 with daily and weekly pivots at 102.38 and 102.12 and monthly and quarterly risky levels at 104.99 and 105.66.
The British Pound - (1.6792) Annual and quarterly value levels are 1.6262 and 1.6123 with daily and weekly pivots at 1.6792 and 1.6724 and a monthly risky level at 1.7497.
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.