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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.

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

Stock quotes in this article: BA, CSCO, CSX, CVX, DIS, HPQ, IBM, INTC, JBHT, JPM, NSC, UPS, XOM 

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