NEW YORK ( TheStreet) -- The major equity averages traded lower last week, with day-to-day volatility around my monthly pivot at 3663 on the Nasdaq. The Nasdaq stayed well below its semiannual risky level at 3759.All the other major averages stayed well below their monthly and semiannual risky levels, which are 16,188 and 16,490, respectively, for the Dow Jones Industrial Average; 1742.5 and 1743.5, respectively, for the S&P 500; 7087 and 7104, respectively, for the Dow Transports; and 1092.24 and 1089.42, respectively, for the Russell 2000.
Stocks Are Still Overbought, but Signal of Top Hasn't Arrived
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