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May Ends With Stocks Extremely Overvalued And Overbought.

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

10-Year Note - (2.124) Daily, annual and semiannual value levels are 2.157, 2.476 and 3.063 with annual, monthly, weekly and semiannual risky levels at 1.981, 1.945, 1.795 and 1.413.

Comex Gold - ($1412.8) My weekly value level is $1285.8 with a daily pivot at $1413.8, and monthly, annual, semiannual, quarterly and annual risky levels at $1566.7, $1599.9, $1719.2, $1808.3 and $1852.1.

Nymex Crude Oil - ($93.70) Weekly, monthly and quarterly value levels are $89.52, $88.34 and $79.66 with a daily pivot at $93.10 and annual risky level at $115.23.

The Euro - (1.3039) Semiannual and quarterly value levels are 1.2797 and 1.2169 with a daily pivot at 1.3027, and weekly, annual and monthly risky levels at 1.3175, 1.3257 and 1.3597.

May is ending with the stock market under a ValuEngine Valuation Warning and with the weekly charts for the major equity averages extremely overbought. New highs were set on May 20 / May 22 at; 15,542.40 Dow Industrials, 1687.18 S&P 500, 3532.04 Nasdaq, 6568.41 Dow Transports and 1008.23 Russell 2000. We are above a semiannual pivot at 965.51 Russell 2000 but well shy of my semiannual risky level at 3583 on the Nasdaq. Monday we will have new monthly levels from my models.

Daily Dow:(15,325) Monthly, semiannual, quarterly and annual value levels are 14,651, 14,323, 13,755 and 12,696 with daily and weekly pivots at 15,310 and 15,364, and the May 22 all time high at 15,542.40.

S&P 500 - (1654.4) Daily, monthly, semiannual, quarterly and annual value levels are 1645.5, 1587.3, 1566.9, 1448.7 and 1348.3 with a weekly pivot at 1651.8, and the May 22 all time high at 1687.18.

NASDAQ - (3491) Daily, weekly, monthly, quarterly and annual value levels are 3461, 3447, 3233, 3106 and 2806 with the May 22 multi-year high at 3532.04, and a semiannual risky at 3583.

NASDAQ 100 (NDX) - (3012) Daily, quarterly, monthly and annual value levels are 2984, 2819, 2750 and 2463 with a weekly pivot at 3000, and the May 22 multi-year high at 3053.51.

Dow Transports - (6342) Daily, weekly, monthly, weekly, annual, semiannual and quarterly value levels are 6269, 6248, 6284, 6113, 5955, 5925, 5469 and 5324 with the May 20 all time high at 6562.85.

Russell 2000 - (994.43) Daily, semiannual, monthly, weekly, annual and quarterly value levels are 986.10, 965.51, 962.82, 961.64, 860.25, 809.54 and 807.82 with the May 22 high at 1008.23.

The SOX- (474.43) Daily, weekly, monthly, quarterly, and annual value levels are 463.84, 455.63, 419.92, 357.61 and 338.03 with a semiannual risky level is 520.17 with the July 2007 high at 549.39.

Dow Utilities:(485.12) Daily / semiannual value levels are 480.85 / 474.63 with a monthly risky level at 509.53, and quarterly / weekly risky levels at 524.16 / 526.32, and annual and weekly risky levels at 540.37 / 543.29.

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