Some daily charts are now negative - others remain overbought

8/2/2019 Some daily charts are now negative - others remain overbought

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March 23, 2012 Some dai ly char ts ar e now negat ive - o ther s rem ain overbought

We have declining MOJO on the daily charts for the Dow Industrials, Dow Transports and

Russell 2000, while the S&P 500 and NASDAQ remain overbought. Dow Transports closedThursday below its weekly pivot at 5246. The weekly chart for Dow Transports shifts tonegative on a weekly close below its five-week modified moving average at 5211. The weeklycharts for the remaining major averages will remain overbought going into the end of the firstquarter. The key annual levels that remain in play for the second quarter are my annual pivotsat 1363.2 on the S&P 500 and 836.15 Russell 2000, which is the overall neutral zone. The yieldon the 10-Year US Treasury remains above its 200-day simple moving average at 2.204. Goldremains below its 200-day at $1681.9. Crude oil remains above my annual pivot at $103.58. Theeuro versus the dollar remains above its 50-day simple moving average at 1.3156.

10-Year Note (2.280) Daily and annual value levels are 2.535 and 2.502 with weekly, semiannualand quarterly risky levels at 2.056, 1.903 and 1.687.

Courtesy of Thomson / Reuters


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Comex Gold ($1642.5) Daily and annual value levels are $1605.9 and $1575.8 with semiannualpivots at $1659.5 and $1635.8, and quarterly, weekly and monthly risky levels at $1740.9, $1762.4

and $1888.4.


Nymex Crude Oil ($105.42) Annual, quarterly, monthly and semiannual value levels are $103.58,$99.87, $97.96 and $79.83 with semiannual and daily pivots at $104.84 and $106.12, and weekly and

annual risky levels at $110.31 and $117.00.



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The Euro (1.3186) Semiannual, monthly, and quarterly value levels are 1.2980, 1.2622, and 1.2499with a daily pivot at 1.3153, and weekly, annual and semiannual risky levels at 1.3461, 1.4239 and

1.4405.


Daily Dow: (13,046) Quarterly, annual, monthly and semiannual value levels are 12,478, 12,312,11,903, 8,425 and 8,336 with a weekly pivot at 13,195, and daily and annual risky levels at 13,370 and14,032. A close below the 21-day at 13,031 indicates risk to the 50-day at 12,862.



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S&P 500 (1392.8) Annual, quarterly, monthly and semiannual value levels are 1363.2, 1305.4,1222.5, 841.7 and 829.9, and a weekly pivot at 1413.4, and daily and annual risky levels at 1429.1

and 1562.9.NASDAQ (3063) Quarterly, annual, monthly and semiannual value levels are 2777, 2698, 2651,2012 and 1952 with daily, weekly and annual risky levels at 3138, 3128 and 3232.

NASDAQ 100 (NDX) (2732) Annual, monthly, quarterly, annual and semiannual value levels are2603, 2428, 2422, 2300, 1851 and 1743 with daily and weekly risky levels at 2799 and 2772.

Dow Transports (5221) Monthly and semiannual value levels are 4470, 4407 and 3778 with aweekly pivot at 5246, and daily, quarterly, and annual risky levels at 5424, 5448, 5861 and 6111. Theall time high was set at 5627.85 on July 11, 2011. Transports are on the cusp of its 50-day at 5237.

Russell 2000 (821.43) Monthly and semiannual value levels are 684.13, 572.90 and 510.81 with

quarterly pivots at 824.46 and 829.03, my annual pivot at 836.15, and daily and weekly risky levels at842.59 and 855.08. The all time high was set at 868.57 on May 2, 2011. A close below its 21-day at818.63 indicates risk to the 50-day at 809.66.

The SOX (434.53) Quarterly, monthly, annual and semiannual value levels are 390.17, 323.52,269.80, 277.90 and 194.47 with a weekly pivot at 437.07, and daily and annual risky levels at 449.38and 520.61. The 2011 high is 474.33 set on February 18, 2011.

ValuEngine Valuation Model: 51.9% of all stocks are undervalued / 48.1% of all stocks are overvalued. Back on October 4th

93.5% of all stocks were undervalued. Fifteen of sixteen sectors are overvalued; four by double-digit percentages. Finance is 15.4%

OV. Computers & Technology is 18.9% OV. Retail-Wholesale is 16.8% OV. Back in March 2009all sectors were undervalued by 33% to 45%.

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Some daily charts are now negative - others remain overbought