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Negative Weekly Charts Trump Oversold Daily Charts.

|Includes: DIA, DUG, GLD, iShares 20+ Year Treasury Bond ETF (TLT)
We did not get daily closes above the five-day modified moving average, which contained the oversold rally. The daily charts remain oversold, but the weekly charts remain negative and appear to be weeks away from becoming oversold. The five-week modified moving averages are resistances at 12,317 Dow Industrials, 1315.1 SPX, 2760 NASDAQ, 2317 NDX, 5282 Dow Transports, 819.52 Russell 2000, and 428.46 SOX. The NASDAQ and NDX closed below their 200-day simple moving averages on Wednesday, joining the SOX with that predicament.
 
10-Year Note – (2.969) The 200-day simple moving average is 3.113 with a daily pivot at 2.998, and weekly risky level at 2.854. Keys this week and this month are closes relative to the five-week modified moving average at 3.152 and the five-month modified moving average at 3.185.
 
Courtesy of Thomson / Reuters
 
Comex Gold – ($1532.0) The 50-day simple moving average is $1508.2 with quarterly and daily pivots at $1523.7 and $1526.6, and weekly risky level at $1558.5.
 
Courtesy of Thomson / Reuters
 
Nymex Crude Oil ($95.28) The 200-day simple moving average at $92.05 with the 50-day at $104.17. My weekly pivot is $95.52 with daily and annual pivots at $96.59, $99.91 and $101.92.
 
 
Courtesy of Thomson / Reuters
 
The Euro – (1.4165) The 200-day simple moving average is 1.3809 with monthly, quarterly and weekly pivots at 1.4258, 1.4308 and 1.4371.
 
Courtesy of Thomson / Reuters
                                                                                                                                               
Weekly Dow: (11,897) The 200-day simple moving average is 11,716 with a daily pivot at 11,873 and weekly risky level at 12,449. The 5-week and 5-month modified moving averages are 12,317 and 11,906.
 
Courtesy of Thomson / Reuters
 
S&P 500 (1265.4) The 200-day simple moving average is 1256.81 with a daily value level at 1255.7 and weekly risky level at 1321.5. The 5-week and 5-month modified moving averages are 1315.1 and 1276.4.
 
NASDAQ (2631) The 200-day simple moving average is 2636 with a daily value level at 2598 and weekly risky level at 2784. The 5-week and 5-month modified moving averages are 2760 and 2675.
 
NASDAQ 100 (NDX) (2209) The 200-day simple moving average is 2223 with a daily value level at 2189 and weekly risky level at 2351. The 5-week and 5-month modified moving averages are 2317 and 2244.
 
Dow Transports (5105) The 200-day simple moving average is 5033 with a daily value level at 5009, my annual pivot at 5179, and weekly risky level at 5351. The 5-week and 5-month modified moving averages are 5282 and 5090.
 
Russell 2000 (779.46) The 200-day simple moving average is 771.36 with a daily value level at 765.92, my annual pivot at 784.16, and weekly risky level at 812.22. The 5-week and 5-month modified moving averages are 819.52 and 790.71.
 
The SOX– (398.44) My daily value level is 394.16 with the 200-day simple moving average at 408.98, and weekly risky level at 428.13. The 5-week and 5-month modified moving averages are 428.46 and 418.78.
 
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
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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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