Downgrades Challenge Dow Theory Buy

Disney (DIS) ($56.36) traded to a new multi-year high at $56.84 on Wednesday. The weekly chart profile is overbought with the five-week MMA at $54.27. My quarterly value level is $50.03, with a semiannual pivot at $54.91.

Hewlett-Packard (HPQ) ($20.93) traded to a new 2013 high at $21.33 on Wednesday. The weekly chart profile is overbought with the five-week MMA at $18.12. My monthly value level is $13.24, with a weekly pivot at $20.39 and semiannual risky level at $24.31.

IBM (IBM) ($208.38) is shy of its $211.79 high on Oct. 5, 2012. The weekly chart profile is positive with the five-week MMA at $201.74. My monthly value level is $199.79, with a weekly pivot at $207.93 and quarterly risky level at $228.38.

Intel (INTC) ($21.75) is shy of its Jan. 17, 2003, high ($23.06), with the 200-day SMA at $23.13. The weekly chart profile shifts to positive with a weekly close above the five-week MMA at $21.13, but the 200-week SMA is a resistance at $21.83. My semiannual value level is $19.80, with a weekly pivot at $21.10 and quarterly risky level at $24.88.

JB Hunt Transport (JBHT) ($69.69) traded to a new multi-year high at $71.85 on Wednesday, testing my weekly risky level at $71.64. The weekly chart profile is overbought with the five-week MMA at $66.70. My semiannual value level is $64.28.

JPMorgan Chase (JPM) ($50.03) traded to a new multi-year high at $50.19 on Wednesday. The weekly chart profile is overbought with the five-week MMA at $47.94. My semiannual value level is $46.84, with a monthly pivot at $49.88 and weekly risky level at $50.61.

Norfolk Southern (NSC) ($74.40) traded to a new 2013 high at $75.71 on Wednesday. The weekly chart profile is overbought with the five-week MMA at $70.54. My quarterly value level is $71.18, with a weekly pivot at $74.88 and annual risky level at $75.90.

United Parcel Service (UPS) ($84.43) traded to a multi-year high at $84.87 on Feb 19. The weekly chart profile is overbought with the five-week MMA at $81.50. My semiannual value level is $80.21 with a weekly risky level at $86.79.

Exxon Mobil (XOM) ($89.56) is shy of its Oct. 19, 2012, high ($93.67). The weekly chart profile is positive with the stock on the cusp of its five-week MMA at $89.28. My semiannual value level is $74.19, with a weekly pivot at $90.42 and monthly risky level at $92.33.

At the time of publication the author had no position in any of the stocks mentioned.

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This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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