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The Markets Are Right Back Where They Started


The major equity averages are just about where they were when the year began.

Editor's Note: This article was written by Richard Suttmeier, chief market strategist at, which is a fundamentally-based quant research firm in Princeton, New Jersey, that covers more than 5,000 stocks every day.

This grid is from the ValuEngine morning briefing:

Supports --
Levels that are likely to hold on weakness.
Pivots --
Levels that could be tested as magnets.
Resistances -- Levels that are likely to restrain strength (D-Daily, W-Weekly, M-Monthly, Q-Quarterly, S-Semiannual and A-Annual).

Five-Week -- The five-week modified moving average.
Five-Month -- The five-month modified moving average.

Int Sent -- 12x3x3 weekly slow stochastic reading on a scale of 0.0 and 10.0.
LT Sent -- 12x3x3 monthly slow stochastic reading. (Below 2.0 is oversold, above 8.0 is overbought. Rising is positive. Declining is negative).

Weekly Chart Profiles -- Above the Five-Week with rising Int Sent is positive. Below the Five-Week with declining Int Sent is negative.
Monthly Chart Profiles -- Above the Five-Month with rising LT Sent is positive. Below the Five-Month with declining LT Sent is negative.

10-Year Note -- Daily and semiannual supports are 3.641 and 3.675 with monthly and weekly resistances at 3.477 and 3.470. The 200-day simple moving average is resistance at 3.534.

Source: Thomson / Reuters

Comex Gold --
Daily, quarterly, and annual supports are $1105.1, $1084.9, and $938.7 with weekly and annual pivots at $1114.7 and $1115.2, and semiannual and monthly resistances at $1139.7, $1186.5, and $1195.4.

Source: Thomson / Reuters

Nymex Crude Oil -- Annual, weekly, and quarterly supports are $77.05, $74.39, and $67.22 with my monthly pivot at $80.05, and daily, annual, and semiannual resistances at $81.23, $97.29, and $97.50. Note the potential head-and-shoulders top for crude oil.

Source: Thomson / Reuters

The Euro -- Weekly support is 1.3439 with a daily pivot at 1.3548, and quarterly and monthly resistances at 1.4327 and 1.4504.

Source: Thomson / Reuters

The Dollar vs. Japanese Yen -- Weekly, monthly, quarterly, and annual supports are 87.53, 84.74, 82.69, and 80.22 with a daily pivot at 88.93 and semiannual resistance at 92.73. The 200-day simple moving average is resistance at 92.09.

Source: Thomson / Reuters

The British Pound --
Daily support is 1.4967 with a weekly pivot at 1.5325 and monthly resistance at 1.5663. Talk about an oversold currency as Cable takes a pounding.

Source: Thomson / Reuters

The Major Equity Averages

Dow --
Weekly support is 10,157 with my annual pivot at 10,379, and a daily pivot at 10,422. Quarterly support is 6,705 with annual, monthly, and semiannual resistances are 11,235, 11,461, 11,442, and 11,949.

S&P 500 -- Weekly support is 1086.3 with a daily pivot at 1114.4. Annual and quarterly supports are 1014.2, 701.8, and 681.7 with annual, semiannual, and monthly resistances at 1179.0, 1194.6, and 1212.9.

NASDAQ -- Weekly support is 2176 with annual, daily, and semiannual pivots at 2250, 2262, and 2258. Annual and quarterly supports are 1659, 1440, and 1405 semiannual and monthly resistances at 2392 and 2430.

Dow Utilities -- Weekly support is 358.10 with a daily pivot at 373.75 and monthly resistance at 391.82. Quarterly support is 280.79 with annual and semiannual resistances at 456.73, 471.95, and 492.05. The clear downside laggard year to date.

Dow Transports -- Weekly support is 3983 with daily resistance at 4194. Quarterly supports are 3386 and 3225 with annual, semiannual, and monthly resistances at 4324, 4488, and 4513. Annual and semiannual resistances are 4955 and 5218.

Russell 2000 -- Weekly support is 617.75 with a daily pivot at 640.28. Quarterly support is 421.24 with semiannual, monthly, and annual resistances at 673.50, 682.85, 717.69, 723.54, and 748.99.

The SOX -- Weekly support is 313.87 with a daily pivot at 342.23 and semiannual resistance at 358.89. Semiannual, annual, and quarterly supports are 271.90, 259.45, 241.05, and 207.69 with monthly resistance at 379.97.

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No positions in stocks mentioned.
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