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Closes Above The Five-Week MMAs Shifts Weekly Cycle To Neutral.

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

10-Year Note - (2.472) Daily and semiannual value levels are 2.731 and 3.063 with annual and weekly pivots at 2.476 and 2.569 and monthly, annual and semiannual risky levels at 2.092, 1.981 and 1.413.

Comex Gold - ($1198.1) My daily value level is $1164.1 with weekly, monthly, annual, semiannual, quarterly and annual risky levels at $1299.4, $1379.5, $1599.9, $1719.2, $1808.3 and $1852.1.

Nymex Crude Oil - ($96.76) Daily, monthly and quarterly value levels are $94.15, $92.32 and $79.66 with weekly and annual risky levels at $97.22 and $115.23.

The Euro - (1.3041) Daily, semiannual and quarterly value levels are 1.2931, 1.2797 and 1.2169 with weekly, daily and annual pivots at 1.3119, 1.3011 and 1.3257, and monthly risky level at 1.3322.

Today's closes provide major inputs to my proprietary analytics. We will have new weekly, monthly, quarterly and semiannual levels on Monday. If today's closes are above the five-week modified moving averages, the weekly cycle shifts to neutral setting a trading range with the June 24 lows as the low end at; 14,551.27 Dow Industrials, 1560.33 S&P 500, 3294.95 Nasdaq, 5952.18, and 942.79 Russell 2000. The five-week MMAs are; 14,988 Dow Industrials, 1615.6 S&P 500, 3395 Nasdaq, 6259 Dow Transports, and 970.32 Russell 2000. We straddle these levels today. The May 20/May 22 highs are; 15,542.40 Dow Industrials, 1687.18 S&P 500, 3532.04 Nasdaq, 6562.85 Dow Transports, and 1008.23 Russell 2000.

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Daily Dow:(15,024) Daily, monthly, semiannual, quarterly and annual value levels are 14,680, 14,739, 14,323, 13,755 and 12,696 with a weekly risky level at 15,461, and the May 22 all time high at 15,542.40.

S&P 500 - (1613.2) Daily, semiannual, quarterly and annual value levels are 1572.5, 1566.9, 1448.7 and 1348.3 with a monthly pivot at 1602.8, a weekly risky level at 1673.5, and the May 22 all time high at 1687.18.

NASDAQ - (3402) Daily, monthly, quarterly and annual value levels are 3325, 3288, 3106 and 2806 with the May 22 multi-year high at 3532.04, and weekly and semiannual risky levels at 3573 and 3583.

NASDAQ 100 (NDX) - (2907) Daily, quarterly, monthly and annual value levels are 2839, 2819, 2784 and 2463 with the May 22 multi-year high at 3053.51 and weekly risky level at 3075.

Dow Transports - (6200) Daily, semiannual, annual and quarterly value levels are 6044, 5955, 5925, 5469 and 5324 with a weekly risky level at 6485, the May 20 all time high at 6562.85, and monthly risky level at 6734.

Russell 2000 - (979.92) Daily, annual and quarterly value levels are 955.86, 860.25, 809.54 and 807.82 with semiannual and monthly pivots at 965.51 and 978.21, and the May 22 high at 1008.23.

The SOX- (466.74) Daily, monthly, quarterly and annual value levels are 458.24, 458.41, 357.61 and 338.03 with a weekly risky level at 492.78, a semiannual risky level is 520.17 and the July 2007 high at 549.39.

Dow Utilities:(482.89) Daily and weekly value levels are 468.49 and 458.38 with a semiannual pivot at 474.63, a monthly pivot at 491.15, a quarterly risky level at 524.16 and an annual risky level at 540.37.

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