The Major Equity Averages Face Weekly Key Reversals

The Nasdaq (3131) -- Quarterly and annual value levels are 3071, 2806 and 2790 with my monthly risky level at 3250. A close below last week's low at 3182.19 defines a weekly key reversal.

The Dow Transportation Average (5875.56) -- My annual, monthly and quarterly value levels are 5469, 5440 and 5094 with annual and semiannual pivots at 5925 and 5955. A close below last week's low at 5892.24 defines a weekly key reversal.

The Russell 2000 (905.4) -- Annual, quarterly and annual value levels are 860.25, 821.01 and 809.54 with a monthly pivot at 911.32 and semiannual risky level at 965.51. A close below last week's low at 910.22 defines a weekly key reversal.

Nasdaq 100 Index (2712) -- Did not set a multi-year high this week and strength stayed below my quarterly risky level at 2798. My annual value level is 2463 with monthly risky level at 2870.

PHLX Semiconductor Sector Index (416.27) -- A close this week below 423.18 would be a weekly key reversal for semiconductors, but the week's high was not a multi-year high, but was a new year to date high at 433.93. My quarterly value level is 371.62 with a monthly pivot at 409.08 and quarterly risky level at 440.36.



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This article was written 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 www.ValuEngine.com 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 [e-mail].

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