Key Levels For The Major Equity Averages

Richard1944

The Dow Jones Industrial Average (21,349.63 on June 30) set an all-time intraday high of 21,535.03 on June 20, and has a positive but overbought weekly chart. A weekly close below the five-week modified moving average of 21,173 shifts the weekly chart to negative if the 12x3x3 weekly slow stochastic reading falls below the overbought threshold of 80.00. Reduce holdings on strength to my annual risky level of 22,041. My quarterly value level is 20,327.

The S&P 500 (2,423.41 on June 30) set an all-time intraday high of 2,453.82 on June 19, and has a positive but overbought weekly chart. A weekly close below the five-week modified moving average of 2,415.21 shifts the weekly chart to negative if the 12x3x3 weekly slow stochastic reading falls below the overbought threshold of 80.00. Reduce holdings on strength to my annual risky level of 2,537.9. My quarterly value level is 2,322.6.

The Nasdaq Composite (6,140.42 on June 30) set an all-time intraday high of 6,341.70 on June 9, and has a neutral weekly chart. A weekly close below the five-week modified moving average of 6,149.05 shifts the weekly chart to negative if the 12x3x3 weekly slow stochastic reading falls below the overbought threshold of 80.00. Reduce holdings on strength to my annual pivot of 6.253. My quarterly value level is 5,733 with a monthly risky level of 6,493.

The Dow Jones Transportation Average (9,563.73 on June 30) set its all-time intraday high of 9.639.33 on March 1, and has a positive weekly chart. The five-week modified moving average is 9,308.91. There is a wide range between my annual value level of 7,910 and my annual risky level of 10,167. My quarterly value level is 8,817.

The Russell 2000 (1,415.36 on June 30) set its all-time intraday high of 1,433.01 on June 9, and has a positive weekly chart. The five-week modified moving average is 1,402.14. Reduce holdings on strength to my annual risky level of 1,548.95. My quarterly value level is 1,263.37.

The Nikkei 225 (20,033.43 on June 30) remains shy of its June 24, 2015 multiyear intraday high of 20,952.71 by 4.4%. Its 2017 high is 20,318.11 set on June 20. The weekly chart remains positive but overbought with the five-week modified moving average of 19,831.10. My annual pivot of 20,169.42 will remain a drag or magnet for the remainder of 2017. My quarterly value level is 16,052.44.

The Shanghai Composite (3,192.42 on June 30) remains deep in bear market territory 38.4% below its June 12, 2015 multiyear high of 5,178.19. Its 2017 high is 3,295.19 on April 7, below its Nov. 29 high of 3,301.21. The weekly chart is positive with the five-week modified moving average of 3,151.26 and my annual risky level is 3,879.39. My quarterly value level is 1,998.60 with a monthly risky level of 3,262.57.

The Nifty 50 (9,520.90 on June 30) set an all-time intraday high of 9,709.30 on June 6, and ended the week with a positive but overbought weekly chart. The five-week modified moving average is 9,493.93 with my annual risky level is 10,545.21. My monthly and quarterly value levels are 9,372.53 and 8,727.92, respectively with a semiannual risky level of 10,215.5.

The Deutsche Boerse DAX Index (12,342.11 on June 30) set an all-time intraday high of 12,951.54 on June 20, and ended the week with a neutral weekly chart with this average below its five-week modified moving average of 12,577.87. Reduce holdings on strength to my annual pivot of 12,844.29, which will be a drag or magnet for the remainder of 2017. My quarterly value level is 11,055.97.

Pending Global Stock Market Correction Shattered Quarter Ending Window Dressing

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