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Upward MOJO continues with more averages above Pivots.

|Includes: DIA, GLD, QQQ, SPY, iShares 20+ Year Treasury Bond ETF (TLT)
Technically the daily charts for the major averages are overbought. With the Dow having its first close above my quarterly pivot at 12,478 on Tuesday, I stated that the upside is to quarterly risky levels elsewhere. We now have the following new tests / technical breakouts; SPX > 1305.4, NDX > 2422, and SOX > 390.17. The NASDAQ stayed shy of 2777 Q with Dow Transports well below 5448 Q and Russell 2000 well below 829.03. This is all within the framework of seeing the Dow Industrials staying below its May 2011 high at 12,876. The yield on the 10-Year continues to trade around my semiannual pivot at 1.903. Gold continues to trade around my semiannual pivot at $1659.4 with this month’s risky level at $1706.7. Gold’s is between its 200-day and 50-day simple moving averages at $1635.5 and $1675.4. Crude oil continues to be influenced by my quarterly pivot at $99.87 after failing at the low end of my zone of annual and semiannual risky levels at $103.58 and $104.84. Oil is above 50-day and 200-day simple moving averages at $99.04 and $95.52. The euro versus the dollar is no longer oversold and continues to be influenced by my monthly pivot at 1.2780 with my semiannual pivot at 1.2980.
 
10-Year Note – (1.897) My annual value level is 2.502 with semiannual, daily and weekly pivots at 1.903, 1.858 and 1.880, and quarterly, monthly and semiannual risky levels at 1.687, 1.409 and 1.385.
 
 
Courtesy of Thomson / Reuters
 
Comex Gold – ($1661.2) Annual and weekly value levels are $1575.8, $1388.4 and $1569.2 with daily, semiannual pivots at $1658.0, $1635.8 and $1659.5, and monthly and quarterly risky levels at $1706.7 and $1740.9.
 
Courtesy of Thomson / Reuters
 
Nymex Crude Oil ($100.87) Semiannual and monthly value levels are $79.83 and $75.53 with daily, monthly, and weekly pivots at $99.89, $99.87 and $100.40, and semiannual and annual risky levels at $104.84, and $103.58 and $117.00.
 
 
Courtesy of Thomson / Reuters
 
The Euro – (1.2856) Daily, weekly, quarterly and weekly value levels are 1.2746, 1.2506, 1.2499 and 1.2467 with monthly and semiannual pivots at 1.2780 and 1.2980, and annual and semiannual risky levels at 1.4239 and 1.4405.
 
Courtesy of Thomson / Reuters
 
Daily Dow: (12,579) Monthly and semiannual value levels are 11,210, 8,425 and 8,336 with annual, daily, weekly and quarterly pivots at 12,312, 12,517, 12,430 and 12,478, and quarterly and annual risky levels at 12,796 and 14,032.
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Courtesy of Thomson / Reuters
 
S&P 500 (1308.0) Monthly and semiannual value levels are 1152.8, 841.7 and 829.9 with weekly, daily and quarterly pivots at 1285.8, 1305.0 and 1305.4, and annual risky levels at 1363.2 and 1562.9.
 
NASDAQ (2770) Weekly, monthly and semiannual value levels are 2670, 2432, 2012 and 1952 with annual and daily pivots at 2698 and 2767, and quarterly and annual risky levels at 2777 and 3232.
 
NASDAQ 100 (NDX) (2426) Weekly, annual, monthly and semiannual value levels are 2341, 2300, 2185, 1851 and 1743 with daily and quarterly pivots at 2417 and 2422 and annual risky level at 2603.
 
Dow Transports (5218) Monthly and semiannual value levels are 4443, 4407 and 3778 with daily and weekly pivots at 5268 and 5123, quarterly and annual risky levels at 5448, 5861 and 6111.
 
Russell 2000 (779.26) Monthly and semiannual value levels are 646.71, 572.90 and 510.81 with weekly and daily pivots at 755.22 and 779.72, and quarterly and annual risky levels at 829.03, 836.15 and 969.09.
 
The SOX– (404.60) Weekly, monthly, annual and semiannual value levels are 367.06, 310.48, 269.80, 277.90 and 194.47 with quarterly and daily pivots at 390.17 and 403.97, and annual risky level at 520.61.
 
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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.
 
Buy and Trade Strategies for Long Positions
  • Value Level – The price at which you establish an additional long position on share price weakness. This is done on a GTC Limit Order to buy weakness to the Value Level.
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Buy and Trade Strategies for Short Positions
  • Value Level – The price at which you remove a single short position or reduce a multiple short position on share price weakness. This is done on a GTC Limit Order to buy weakness to the Value Level.
  • Risky Level – The price at which you establish an addition short position on share price strength. This is done on a GTC Limit Order to sell strength to the Risky Level.
 
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