Equities Meet Risky Levels With More Than 80% of All Stocks Undervalued

Looking at the daily charts for the major equity averages we continue to see overbought MOJO with the 50-day simple moving averages as supports at: 11,269 Dow Industrials, 1180.8 SPX, 2527 NASDAQ, 2226 NDX, 4476 Dow Transports, 686.01 Russell 2000, and 358.00 SOX. Stocks are well above these moving average supports and above my annual pivots at 11,491 Dow and 1210.7 SPX. The 200-day simple moving averages are resistances / pivots as some averages tested these milestones at: 11,968 Dow Industrials, 1274.5 SPX, 2692 NASDAQ, 2295 NDX, 5027 Dow Transports, 779.83 Russell 2000 and 407.99 SOX. The yield on the 10-Year US Treasury is above its 50-day at 2.057. Gold is below its 50-day at $1739.6. Crude oil came within pennies of testing its 200-day at $94.78. The euro is between its 50-day and 200-day at 1.3864 and 1.4093.
 
Charts Courtesy of Thomson / Reuters

10-Year Note – (2.114) Semiannual, quarterly and annual value levels are 2.414, 2.669 and 2.690 with daily and monthly pivots at 2.180 and 2.222, the 50-day simple moving average at 2.057, and weekly, and semiannual risky levels at 1.915 and 1.672, which was tested on Sept. 23.
 

 
Comex Gold – ($1703.1) Daily, semiannual, weekly, semiannual and annual value levels are $1660.6, $1644.8, $1606.4, $1469.9 and $1,356.5 with quarterly and monthly risky levels at $1738.4 and $1811.4, and the Sept. 6 all time high at $1923.7. The 200-day simple moving average is $1550.3 with the 50-day at $1739.6.
 

 
Nymex Crude Oil – ($92.80) The Oct. 4 year-to-date low is $74.95 with my weekly value level at $84.81, a daily pivot at $93.02, the 50-day at $85.45 with the 200-day at $94.78, and monthly, quarterly and annual risky levels at $98.51, $100.34, $99.91 and $101.92.