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business newsEquity Averages Versus October Risky Levels
By
Richard Suttmeier
Oct 25, 2011 8:40 am
The major equity averages are approaching or testing this month's risky levels / pivots.
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The major equity averages are approaching or testing this month’s risky levels / pivots: 12,091 Dow Industrials, 1259.8 SPX, 2680 NASDAQ, 2312 NDX, 4980 Dow Transports, 778.77 Russell 2000, and 363.01 SOX. Next Tuesday we will have new monthly levels, which are likely to be value levels or pivots, and such a configuration would favor additional strength to quarterly risky levels at: 12,507 Dow Industrials, 1303.7 SOX, 2807 NASDAQ, 2440 NDX, 5179 S / 5359 Q Dow Transports, 784.16 A / 802.96 Q Russell 2000, and 417.63 SOX. The yield on the 10-Year US Treasury should continue to rise. Gold should continue to trade around my semiannual pivot at $1644.8 with my quarterly risky level at $1738.4. Crude oil could still trade up to my annual pivots at $99.91 and $101.92 by year’s end. The euro versus the dollar will be the wild card with my quarterly value level at 1.2598 and semiannual risky level at 1.4752.
10-Year Note – (2.234) Semiannual, quarterly and annual value levels are 2.414, 2.669 and 2.690 with daily and monthly pivots at 2.178 and 2.222, the 50-day simple moving average at 2.058, and weekly, and semiannual risky levels at 1.915 and 1.672, which was tested on Sept. 23.
Comex Gold – ($1654.00) Daily, weekly, semiannual and annual value levels are $1633.3, $1606.4, $1469.9 and $1,356.5 with my semiannual pivot at $1644.8, and 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 $1548.8 with the 50-day at $1741.0.
Nymex Crude Oil – ($91.52) The Oct. 4 year-to-date low is $74.95 with my weekly value level at $84.81, a daily pivot at $90.55, the 50-day at $85.32 with the 200-day at $94.75, and monthly, quarterly and annual risky levels at $98.51, $100.34, $99.91 and $101.92.
10-Year Note – (2.234) Semiannual, quarterly and annual value levels are 2.414, 2.669 and 2.690 with daily and monthly pivots at 2.178 and 2.222, the 50-day simple moving average at 2.058, and weekly, and semiannual risky levels at 1.915 and 1.672, which was tested on Sept. 23.
Comex Gold – ($1654.00) Daily, weekly, semiannual and annual value levels are $1633.3, $1606.4, $1469.9 and $1,356.5 with my semiannual pivot at $1644.8, and 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 $1548.8 with the 50-day at $1741.0.
Nymex Crude Oil – ($91.52) The Oct. 4 year-to-date low is $74.95 with my weekly value level at $84.81, a daily pivot at $90.55, the 50-day at $85.32 with the 200-day at $94.75, and monthly, quarterly and annual risky levels at $98.51, $100.34, $99.91 and $101.92.
No positions in stocks mentioned.
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