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Closes today vs key moving averages sets June tone for Stocks.

All major equity averages I follow are below both their 50-day simple moving averages and their five-week modified moving averages in front of this morning’s release of Nonfarm Payrolls. If equities end the week this way stocks are likely to decline right through mid-year. The yield on the 10-Year US Treasury is between its 200-day simple moving average at 3.093 and Wednesday’s low yield at 2.937. Comex gold continues to return to my quarterly pivot at $1523.7 the Troy ounce. Nymex crude oil continues to trade around my annual pivots at $99.91 and $101.92. The euro remains above my quarterly and monthly pivots at 1.4308 and 1.4258. For the Dow Industrial Average a weekly close below the five-week modified moving average at 12,468 shifts the weekly chart profile to negative.
 
10-Year Note – (3.033) My weekly pivot is 3.066 with a daily pivot at 2.976. My monthly value level is 3.783 with annual risky level at 2.690.
 
Courtesy of Thomson / Reuters
 
Comex Gold – ($1535.3) Semiannual and annual value levels are $1452.6 and $1356.5 with my quarterly pivot at $1523.7, and daily, monthly and weekly risky levels at $1545.9, $1574.3 and $1594.5.
 
Courtesy of Thomson / Reuters
 
Nymex Crude Oil ($100.68) My semiannual value level is $87.52 with my annual pivots at $99.91 and $101.92, and daily and weekly pivots at $100.63 and $102.31, and semiannual, monthly and quarterly risky levels at $107.14, $113.61 and $120.52.
 
 
Courtesy of Thomson / Reuters
 
The Euro – (1.4487) Monthly and daily value levels are 1.4258 and 1.4105 with quarterly and dailly pivots at 1.4308 and 1.4370, and weekly and semiannual risky levels at 1.4534 and 1.4624.
 
Courtesy of Thomson / Reuters
 
Daily Dow: (12,249)My annual value level is 11,491 with a daily pivot at 12,329, and weekly, monthly, quarterly and annual risky levels at 12,661, 13,232, 13,774 and 13,890. The 50-day simple moving average and five-week modified moving averages are 12,461 and 12,468.
 
Courtesy of Thomson / Reuters
 
S&P 500 (1312.9) My daily value level is 1310.4 with the 50-day simple moving average at 1331 and the five-week modified moving average at 1332.2.
 
NASDAQ (2773) My daily value level is 2752 with the 50-day simple moving average at 2796 and the five-week modified moving average at 2802.
 
NASDAQ 100 (NDX) (2327) My daily value level is 2302 with the 50-day simple moving average at 2348 and the five-week modified moving average at 2351.
 
Dow Transports (5312) My annual value level is 5179 with a daily pivot at 5288 and the 50-day simple moving average at 5355 and the five-week modified moving average at 5366.
 
Russell 2000 (820.69) My annual value level is 784.16 with a daily pivot at 820.60 and the 50-day simple moving average at 835.91 and the five-week modified moving average at 834.65.
 
The SOX– (426.42) My daily value level is 422.51 with the 50-day simple moving average at 436.54 and the five-week modified moving average at 438.74.
 
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0 is overbought and below 2.0 is oversold.
 
Richard Suttmeier
Chief Market Strategist
ValuEngine.com
(800) 381-5576
 
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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. I have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters as well as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the ValuTrader Model Portfolio newsletter. You can go to http://www.valuengine.com/nl/mainnl to review sample issues and find out more about my research.
 
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