Analysis of the Russell 2000 (827.84): The weekly chart shifts from negative to neutral with a close Friday above the five-week MMA at 825.74. My new monthly pivot is 807.15 with my annual pivot at 836.15. The Sept. 14 QE3 high is 868.50 with the all time high at 868.57 set on May 2, 2011.
Analysis of the Semiconductor Index or SOX (379.50): The weekly chart shifts from negative to neutral on a close Friday above the five-week MMA at 379.03. The 200-week simple moving average is 356.80 with my new monthly value level at 354.06 and the Sept. 14 high at 410.82.
Some sector ETFs could shift from negative to neutral at Friday's closes as "QE Fatigue" goes into remission:
Materials Select Sector SPDR (XLB) ($36.73) shifts from negative to neutral on a close Friday above the five-week modified moving average (MMA) at $36.63. Industrial Select Sector SPDR (XLI) ($37.14) shifts from negative to neutral on a close Friday above the five-week MMA at $36.74. Consumer Discretionary Sector SPDR (XLY) ($46.60) shifts from negative to neutral on a close Friday above the five-week MMA at $46.40. Consumer Staples Sector SPDR (XLP) ($35.41) stays negative on a close Friday below the five-week MMA at $35.65. Energy Select Sector SPDR (XLE) ($71.87) stays negative on a close Friday below the five-week MMA at $72.72. Technology Select Sector SPDR (XLK) ($29.34) stays negative on a close Friday below the five-week MMA at $29.89. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV