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Stock Market Charts Are Positive, But Investors Should Beware

S&P 500 (1960.2) has semiannual and annual value levels at 1789.3, 1539.1 and 1442.1, respectively, with monthly, quarterly and semiannual risky levels at 1994.2, 2052.3 and 2080.3, respectively.

Nasdaq (4408) has semiannual and annual value levels at 3972, 3471 and 3063, respectively, with monthly, quarterly and semiannual risky levels at 4529, 4569 and 4642, respectively.

Dow Transportation Average (8202) has semiannual and annual value levels at 7423, 6249 and 5935, respectively, with quarterly, monthly and semiannual risky levels at 8256, 8365 and 8447, respectively.

Russell 2000 (1192.96) has semiannual and annual value levels are 1139.81, 966.72 and 879.39, respectively with monthly, semiannual and quarterly risky levels at 1215.89, 1285.37 and 1293.11, respectively.

At the beginning to the year, I predicted that each of the five major averages would test its 200-day simple moving averages in 2014. The DJIA and Russell 2000 did so in the first half. The Nasdaq came close at its year-to-date low at 3946 on April 15.

The 200-day simple moving averages begin the second half of 2014 at 16124 for the DJIA; 1826.3 for the S&P 500; 4098 for the Nasdaq; 7372 for Dow Transports; and 1334.38 for the Russell 2000.

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Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

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