Other monthly and semiannual risky levels are 1542.9 and 1566.9 S&P 500, and 3250 and 3583 Nasdaq.
Annual and semiannual risky levels are 5925 and 5955 Dow transports.
My monthly pivot and semiannual risk level are 911.32 and 965.51 on the Russell 2000.
The downside during the first quarter is to my quarterly pivots at 13,668 Dow industrials, 1431.1 S&P 500 and 3071 Nasdaq. Other downside targets are my annual pivot at 5469 on Dow transports, and my annual pivot at 860.25 on the Russell 2000.Sometime during the year the downside risk is to my annual value levels at 12,696 Dow industrials, 1348.3 S&P 500, 2806 Nasdaq and 809.54 Russell 2000.
The most overvalued stocks I have been profiling are in or related to the construction sector. All of these stocks are above their 200-day simple moving averages, which is a warning of a reversion to the mean.
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