New Highs For All Five Major Averages But Stocks Are Overvalued!
10-Year Note - (2.536) Weekly and semiannual value levels are 2.800 and 3.227 with daily, annual, monthly, annual and semiannual risky levels at 2.504, 2.476, 2.284, 1.981 and 1.719.
Comex Gold - ($1282.3) My weekly value level is $1268.6 with a monthly pivot at $1289.4, and daily, annual, quarterly and annual risky levels at $1316.1, $1599.9, $1603.0 and $1852.1.
Nymex Crude Oil - ($108.08) Monthly, weekly and quarterly value levels are $101.69, $100.76 and $91.75 with daily, semiannual and annual risky levels at $109.58, $109.84 and $115.23.
The Euro - (1.3109) Semiannual and quarterly value levels are 1.2477 and 1.1545 with daily, weekly, monthly and annual risky levels at 1.3214, 1.3293, 1.3231 and 1.3257.
Thursday's highs were new all time highs at 15,589.40 Dow Industrials, 1693.12 S&P 500, 6595.90 Dow Transports and 1052.46 Russell 2000. The Nasdaq set a new multi-year high at 3624.54. My monthly pivots are 15,437 Dow Industrials, 1669.0 S&P 500, 3510 Nasdaq and 1030.75 Russell 2000 with a monthly risky level at 6758 on Dow Transports. This week's value levels are 14,981 Industrials, 1608.4 S&P, 3445 Nasdaq, 6070 Transports and 994.17 Russell 2000. Quarterly value levels are 14,288 Industrials, 1525.6 S&P, 3284 Nasdaq, 5348 Transports and 863.05 Russell 2000. Annual value levels are 12.696 Industrials, 1348.3 S&P, 2806 Nasdaq, 5469 Transports and 809.54 Russell 2000. Semiannual risky levels are 16,490 Industrials, 1743.5 S&P, 3759 Nasdaq, 7104 Transports and 1089.42 Russell 2000.
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Daily Dow:(15,549) Weekly, quarterly / annual value levels are 14,981, 14,288 / 12,696 with my monthly pivot at 15,437, the July 18 all time high at 15,589.40, daily risky level at 15,669, my semiannual risky level at 16,490.
S&P 500 - (1689.4) Weekly, quarterly / annual value levels are 1608.4, 1525.6 / 1348.3 with a monthly pivot at 1669.0, the July 18 all time high at 1693.12, a daily risky level at 1710.3, my semiannual risky level at 1743.5.
NASDAQ - (3611) Weekly, quarterly and annual value levels are 3445, 3284 and 2806 with a monthly pivot at 3510, the July 18 multi-year high at 3624.54, a daily risky level at 3680, and semiannual risky level at 3759.
NASDAQ 100 (NDX) - (3078) Quarterly, monthly, weekly and annual value levels are 2983, 2978, 2930 and 2463 with the July 18 multi-year high at 3091.21, a daily risky level at 3150, and semiannual risky level at 3304.
Dow Transports - (6579) Weekly, annual / quarterly value levels are 6070, 5925, 5469 and 5348 with the July 18 all time high at 6595.90, daily and monthly risky levels at 6650 and 6758, and semiannual risky level at 7104.
Russell 2000 - (1049.93) Weekly, quarterly / annual value levels are 994.17, 863.05, 860.25 / 809.54 with the July 18 all time high at 1052.46, monthly pivot at 1030.75, daily / semiannual risky levels at 1064.66 / 1089.42.
The SOX- (487.22) Weekly, quarterly and annual value levels are 474.20, 404.59 and 338.03 with monthly and daily risky levels at 496.16 and 504.76, and semiannual risky level at 533.56.
Dow Utilities:(506.90) Monthly and weekly value levels are 489.78 and 457.58 with daily, quarterly, semiannual and annual risky levels at 515.36, 510.38, 523.33 and 540.37.
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