This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Major Equity Averages Testing Risky Levels

S&P 500 (1544.26): Quarterly and annual value levels are 1431.1 and 1348.3 with a monthly pivot at 1528.6, and weekly and semiannual risky levels at 1547.7 and 1566.9, versus the October 2007 intraday high at 1576.09.

NASDAQ (3232.09): Quarterly and annual value levels are 3071 and 2806 with a monthly pivot at 3197, a weekly pivot at 3226, and quarterly risky level at 3274.

Dow Transportation Average (6081.42): Monthly and annual value levels are 5522 and 5469 with annual and semiannual pivots at 5925 and 5955, and this week's risky level at 6192 versus the intraday all time high at 6188.58 set on Wednesday.

Russell 2000 (934.57): My annual value levels are 860.25 and 809.54 with a monthly pivot at 901.68 and weekly and semiannual risky levels at 936.95 and 965.51. This small cap index set a new all time intraday high at 934.57 on Thursday right on the day's close.



As I said last week, weekly closes above all monthly pivots at 13,949 Dow Industrials, 1528.6 S&P 500, 3197 NASDAQ, and 901.68 Russell 2000 indicates potential strength to the risky levels at 14,323 Dow Industrials, 1566.9 S&P 500 and 965.51 Russell 2000. With the Dow just above 14,323, its one down, two to go.

We need weekly closes below these monthly pivots to indicate risk to the monthly value level at 5522 Dow Transports. The other first value levels are 13,668 Dow Industrials, 1431.1 S&P 500, 3071 NASDAQ and 860.25 Russell 2000.



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.

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $131.78 -0.20%
AMZN $426.57 -1.12%
GOOG $539.78 -0.00%
YHOO $43.07 -0.71%
FB $80.14 -0.50%

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs