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Major Equity Averages Testing Risky Levels

Stocks in this article: AAPL GOOG AMZN

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.

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