The Key Levels for the US Capital Markets
10-Year Note - (1.618) Semiannual and monthly value levels are 1.903 and 1.909 with a daily pivot at 1.633, and weekly, quarterly and semiannual risky levels at 1.452, 1.407 and 1.385.
Comex Gold - ($1566.6) My annual value level is $1388.4 with weekly and annual pivots at $1583.8 and $1575.8, and daily, semiannual and monthly risky levels at $1616.0, $1635.8, $1659.4 and $1695.4. My quarterly risky level is $1871.9. The 50-day / 200-day SMAs: $1613.9 / $1674.7.
Nymex Crude Oil - ($78.37) I show no nearby value levels with semiannual and weekly pivots at $79.83 and $78.40, and daily, quarterly, annual and semiannual risky levels at $82.86, $101.55, $103.58 and $104.84.
The Euro - (1.2546) My weekly value level is 1.2288 with daily, monthly, semiannual and quarterly risky levels at 1.2718, 1.2815, 1.2980 and 1.3366. The June 2010 low is 1.1880.
The major equity averages fell back below 50-day simple moving averages. Key pivots that were violated to the upside earlier in the week were the magnets pulling the averages back down on Thursday; 12,794 Q Dow Industrials, 1337.7 Q S&P 500, and 2911 Q NASDAQ. The most important warning was that the S&P 500 tested and failed at my annual pivot at 1363.2 on Tuesday. Remember that on Friday, March 9th we had a close above 1363.2, which led to upside. Then on Friday May 11th the close was below 1363.2, which fueled the downside.
Daily Dow:(12,574) Weekly and annual value levels are 12,330 and 12,312 with a quarterly pivot at 12,794, and daily, annual and monthly risky levels at 12,931, 14,032 and 14,201.
S&P 500 - (1325.5) My weekly value level is 1294.4 with my quarterly pivot at 1337.7, and daily, annual, monthly and annual risky levels at 1362.3, 1363.2, 1504.8 and 1562.9.
NASDAQ - (2859) Weekly and annual value levels are 2761 and 2698 with a quarterly pivot at 2911, and daily, annual and monthly risky levels at 2933, 3232 and 3248.
Dow Transports - (5126) My weekly value level at 4931 with daily and quarterly risky levels at 5255 and 5420, and the all time high set at 5627.85 on July 11, 2011.
Russell 2000 - (764.83) My weekly value level is 744.89 with daily, quarterly and annual risky levels at 786.82, 829.34 and 836.15, and the all time high set at 868.57 on May 2, 2011.
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