NEW YORK ( TheStreet) -- Strength on Thursday in reaction to Fed Chief Ben Bernanke's dovish comments Wednesday after the close fueled strength to and just above my monthly risky levels, now considered pivots at 15,437 Dow industrials, 1669.0 S&P 500 and 1030.75 on the Russell 2000. Wednesday's close was above my monthly pivot at 3510 on the Nasdaq, which targeted the monthly levels on these three indices. My monthly risky level is 6758 Dow Transports.My technical signal to confirm a cycle high for the five major averages is simultaneous weekly closes below the five-week MMAs and that just hasn't happened yet this year. Today the five-week MMAs are well below market levels at 15,007 Dow industrials, 1617.5 S&P 500, 3413 Nasdaq, 6252 Dow transports and 978.57 Russell 2000. Closes below these levels today appear highly unlikely.
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