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The Major Equity Averages Straddle Monthly Pivots

|Includes: DIA, DUG, GLD, iShares 20+ Year Treasury Bond ETF (TLT)
The yield on the 10-Year continues to trade around my weekly pivot at 2.479. Gold tested $1351.0 above my monthly risky level at $1343.71. Crude oil continues to rally towards my semiannual risky level at $83.94. The euro remains extremely overbought with my quarterly value level at 1.3318 and today’s risky level at 1.4005. The Dow closed above my monthly pivot at 10,857 which indicates potential to my annual risky level at 11,235. The Dow and S&P 500 are above monthly pivots at 10,857 and 1151.5, while others are below monthly risky levels at 2424 NASDAQ, 4797 Dow Transports, 709.11 Russell 2000 and 378.21 on the SOX.
10-Year Note – (2.478) Annual and annual value levels are 2.813 and 2.999 with monthly, weekly and daily pivots at 2.555, 2.479 and 2.456, and quarterly and semiannual risky levels at 2.265 and 2.249.
Courtesy of Thomson / Reuters
Comex Gold – ($1341.7) Quarterly, semiannual and annual value levels are $1306.4, $1260.8, $1218.7 and $1115.2 with weekly and daily pivots at $1325.8 and $1339.3, and monthly risky level at $1343.7.      
Courtesy of Thomson / Reuters
Nymex Crude Oil ($82.63) Annual and weekly value levels are $77.05 and $72.28 with daily, semiannual and monthly risky levels at $84.04, $83.94 and $84.74.   
Courtesy of Thomson / Reuters
The Euro – (1.3838) Quarterly and weekly value levels are 1.3318 and 1.2919 with a daily risky level at 1.4005. My monthly value level is 1.2342 with semiannual risky level at 1.4733.
Courtesy of Thomson / Reuters
Daily Dow: (10,945) Semiannual, weekly, annual and quarterly value levels are 10,558, 10,392, 10,379 and 8,523 with my monthly pivot at 10,857, and daily, annual and semiannual risky levels 11,032, 11,235 and 11,296. My annual risky level at 11,235 was tested at the April 26th high of 11,258.01. 
Courtesy of Thomson / Reuters
That’s today’s Four in Four. Have a great day.
Richard Suttmeier
Chief Market Strategist
(800) 381-5576
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