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VIDEOStocks Straddle Monthly Levels After Strong September Start
By
Richard Suttmeier
Sep 02, 2010 8:50 am
The S&P 500 is above monthly pivot, but still to be tested are monthly risky levels for the Nasdaq and the Dow Transports.
Editor's Note: This article was written by Richard Suttmeier, chief market strategist at ValuEngine.com, which is a fundamentally-based quant research firm in Princeton, New Jersey, that covers more than 5,000 stocks every day.
The S&P 500 is above my monthly pivot at 1074.9. Still to be tested are monthly risky levels at 2196 for the Nasdaq and 4364 on the Dow Transports. The SOX tested its monthly level at 317.72, but the Russell 2000 is shy of its monthly risky level at 652.82. Straddling monthly levels is the net overall neutral zone for stocks.
10-Year Note -- (2.577) My weekly value level is 2.648 with monthly, quarterly and daily pivots at 2.562, 2.495, and 2.491 and my semiannual risky level at 2.249. My annual value levels are 2.813 and 2.999. Note that the decline in yield is no longer overdone on the daily chart. (CBOE Interest Rate 10-Year T-Note (^TNX) last traded at 2.59.)
Comex Gold -- ($1246.4) Semiannual, weekly, quarterly, and annual value levels are $1218.7, $1211.5, $1140.9, and $1115.2 with daily, semiannual, and monthly risky levels at $1251.2, $1260.8, and $1263.8. Note that gold is still overbought on its daily chart.
Nymex Crude Oil -- ($73.96) My daily pivot is $72.50 with a monthly pivot at $74.45, and annual, weekly and semiannual risky levels at $77.05, $81.35 and $83.94. Note that crude oil is no longer oversold on the daily chart profile.
The Euro -- (1.2806) Daily, quarterly, and monthly value levels are 1.2716, 1.2167, 1.1721, and 1.1424 with weekly and semiannual risky levels at 1.3170 and 1.4733. Note that the euro is no longer oversold on its daily chart. (CurrencyShares Euro Trust (FXE) last traded at 127.56.)
Daily Dow -- (10,269) Daily and quarterly value levels are 10,003 and 7,812 with a monthly pivot at 10,164, and annual, semiannual, weekly, and annual risky levels at 10,379, 10,558, 10,904, and 11,235. My annual risky level at 11,235 was tested at the April 26 high of 11,258.01. The 50-day simple moving average is 10,260 with the 21-day and 200-day simple moving averages as resistances at 10,317 and 10,451.
The S&P 500 is above my monthly pivot at 1074.9. Still to be tested are monthly risky levels at 2196 for the Nasdaq and 4364 on the Dow Transports. The SOX tested its monthly level at 317.72, but the Russell 2000 is shy of its monthly risky level at 652.82. Straddling monthly levels is the net overall neutral zone for stocks.
10-Year Note -- (2.577) My weekly value level is 2.648 with monthly, quarterly and daily pivots at 2.562, 2.495, and 2.491 and my semiannual risky level at 2.249. My annual value levels are 2.813 and 2.999. Note that the decline in yield is no longer overdone on the daily chart. (CBOE Interest Rate 10-Year T-Note (^TNX) last traded at 2.59.)
Comex Gold -- ($1246.4) Semiannual, weekly, quarterly, and annual value levels are $1218.7, $1211.5, $1140.9, and $1115.2 with daily, semiannual, and monthly risky levels at $1251.2, $1260.8, and $1263.8. Note that gold is still overbought on its daily chart.
Nymex Crude Oil -- ($73.96) My daily pivot is $72.50 with a monthly pivot at $74.45, and annual, weekly and semiannual risky levels at $77.05, $81.35 and $83.94. Note that crude oil is no longer oversold on the daily chart profile.
The Euro -- (1.2806) Daily, quarterly, and monthly value levels are 1.2716, 1.2167, 1.1721, and 1.1424 with weekly and semiannual risky levels at 1.3170 and 1.4733. Note that the euro is no longer oversold on its daily chart. (CurrencyShares Euro Trust (FXE) last traded at 127.56.)
Daily Dow -- (10,269) Daily and quarterly value levels are 10,003 and 7,812 with a monthly pivot at 10,164, and annual, semiannual, weekly, and annual risky levels at 10,379, 10,558, 10,904, and 11,235. My annual risky level at 11,235 was tested at the April 26 high of 11,258.01. The 50-day simple moving average is 10,260 with the 21-day and 200-day simple moving averages as resistances at 10,317 and 10,451.
No positions in stocks mentioned.
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