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New Highs Make Stocks More Overvalued And More Overbought.

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

10-Year Note - (1.945) Daily, annual and semiannual value levels are 1.994, 2.476 and 3.063 with annual and monthly pivots at 1.981 and 1.945, and weekly and semiannual risky levels at 1.581 and 1.413.

Comex Gold - ($1391.5) The April 16 low is $1321.5 with daily / weekly pivots at $1404.3 / $1405.9, and monthly, annual, semiannual, quarterly / annual risky levels at $1566.7, $1599.9, $1719.2, $1808.3 / $1852.1.

Nymex Crude Oil - ($94.35) Monthly and quarterly value levels are $88.34 and $79.66 with a weekly pivot at $93.82, and daily and annual risky levels at $95.00 and $115.23.

The Euro - (1.2877) Semiannual and quarterly value levels are 1.2797 and 1.2169 with daily and weekly pivots at 1.2880 and 1.2962, and annual and monthly risky levels at 1.3257 and 1.3597.

ValuEngine shows that 70.9% of all stocks are overvalued, 32.4% by 20% or more. At the same time the weekly charts for the major averages are becoming more overbought. Weekly closes above 965.51 on Russell 2000 targets 3583 on the NASDAQ. My annual value levels are 12,696 Dow Industrials, 1348.3 S&P 500, 2806 NASDAQ, 5469 Dow Transports and 809.54 Russell 2000.

Daily Dow:(15,276) Weekly, monthly, semiannual, quarterly and annual value levels are 15,040, 14,651, 14,323, 13,755 and 12,696 with a daily risky level at 15,290 and the May 15 all time high at 15,301.34.

S&P 500 - (1658.8) Weekly, monthly, semiannual, quarterly and annual value levels are 1614.3, 1587.3, 1566.9, 1448.7 and 1348.3 with a daily risky level at 1660.7 and the May 15 all time high at 1661.49.

NASDAQ - (3472) Weekly, monthly, quarterly and annual value levels are 3362, 3233, 3106 and 2806 with the May 15 multi-year high at 3475.48, and daily and semiannual risky levels at 3487 and 3583.

NASDAQ 100 (NDX) - (3003) Weekly, quarterly, monthly and annual value levels are 2928, 2819, 2750 and 2463 with the May 14 multi-year high at 3005.02 and daily risky level at 3011.

Dow Transports - (6520) Monthly, weekly, annual, semiannual and quarterly value levels are 6284, 6113, 5955, 5925, 5469 and 5324 with the May 15 all time high at 6531.93 and daily risky level at 6597.

Russell 2000 - (988.54) Weekly, annual / quarterly value levels are 941.06, 860.25, 809.54 / 807.82 with monthly / annual pivots at 962.82 and 965.51, the May 15 all time high at 991.55 and daily risky level at 995.86.

The SOX- (467.82) Weekly, monthly, quarterly, and annual value levels are 444.57, 419.92, 357.61 and 338.03 with a daily risky level at 472.32. My semiannual risky level is 520.17 with the July 2007 high at 549.39.

Dow Utilities:(516.29) Monthly, daily and semiannual value levels are 509.53, 504.25 and 474.63 with my quarterly pivot at 524.16, and weekly and annual risky levels at 540.51 and 540.37.

VE Morning Briefing - If you want expanded analysis of the US Capital Markets go to this link and sign up: http://www.valuengine.com/nl/mainnl?nl=D