NEW YORK ( TheStreet) -- Friday's closes did not confirm the May 20/May 22 highs as cycle highs for the five major equity averages because weekly closes straddled their five-week modified moving averages at; 14,973 Dow industrials, 1613.8 S&P 500, 3397 Nasdaq, 6242 Dow transports and 971.81 Russell 2000. If this week closes are below these key levels the weekly chart profiles will be negative, confirming the May 20/May 22 highs as cycle highs.Friday's closes provided inputs to my proprietary analytics resulting in new weekly, monthly, quarterly and semiannual value levels, pivot and risky levels that appear to be in sync for the five major equity averages.
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