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Pivots Still at Play in January

The Dow Industrial Average (13,596): Monthly and annual value levels are 12,818, 12,696 and 12,509 with quarterly and semiannual risky levels at 13,668, 14,118 and 14,323. The Dow is below its October 2007 high at 14,198.10 and its all-time closing high at 14,164.53 set on Oct. 9, 2007.

The S&P 500 (1480.9): Quarterly, annual, monthly and annual value levels are 1431.1, 1400.7, 1397.6 and 1348.3 with quarterly and semiannual risky levels at 1510.0 and 1566.9. These risky levels are below the October 2007 high at 1576.09.

The Nasdaq (3136): Monthly and annual value levels are 2934, 2806 and 2790 with a quarterly pivot at 3071 and quarterly and semiannual risky levels at 3274 and 3583. The Nasdaq is below its Sept. 21 high at 3196.93.

The Nasdaq 100 (2747): Monthly and annual value levels are 2610, 2463 and 2385 with quarterly and semiannual risky levels at 2798, 2920 and 3196. The Nasdaq 100 is well below its Sept. 21 high at 2878.38.

The Dow Transportation Average (5681): Quarterly and monthly value levels are 5094 and 5012 with an annual pivot at 5469 and annual and semiannual risky levels at 5925 and 5955. Transports have set new all-time closing highs three days in a row with Thursday's close at 5681.28. The weekly chart profile has become overbought with the five-week MMA at 5375.

The Russell 2000 (890.36): Set an all-time high at 891.00 on Thursday. Quarterly, monthly and annual value levels are 821.01, 813.37 and 809.54 with an annual pivot at 860.25 and quarterly and semiannual risky levels at 913.92 and 965.51.

The PHLX Semiconductor Sector Index (SOX) (412.53): Quarterly, monthly and annual value levels are 371.62, 347.83 and 338.03 with quarterly and semiannual risky levels at 440.36 and 520.17.

At the time of publication the author held no positions in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs a "buy and trade" investment strategy and can be reached at
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Chart of I:DJI
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