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.
Follow @Suttmeier This article was written 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 Plus 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