NEW YORK (TheStreet) -- The technicals will deteriorate Friday unless Fed Chief Ben Bernanke makes positive comments at his Jackson Hole speech this morning. Wall Street bulls are looking for clues on the implementation of QE3, and many look for Fed action at the Sept. 12 FOMC meeting.

Friday's weekly closes are also monthly closes, which will have a major impact on the technicals and where my proprietary analytics calculate new weekly and monthly value levels, pivots and risky levels.

This week's price actions for the U.S. capital markets had the yield on the 10-Year U.S. Treasury moving sideways to down. Comex gold also moved sideways to down but staying above its 200-day simple moving average at $1,645.80 the Troy ounce.

Nymex crude oil could not sustain gains above its 200-day simple moving average at $96.68 per barrel as the week began. The euro vs. the dollar moved sideways staying below 1.2600.

The major equity averages are poised for mixed weekly and monthly closes. The drag comes from the

Dow Transportation Average

with a neutral monthly chart and a negative weekly chart unless there's a significant rally Friday.

The performance of the five major equity averages are mixed year to date. The

Nasdaq

leads with a gain of 17.0% followed by the

S&P 500

up 11.3%, the

Russell 2000

up 9.1% and the

Dow Industrials

up 6.4%. The laggard is Dow Transports down 0.5% year to date.

Yield on the 10-Year Treasury Note

(1.625) -- The monthly chart for the 10-year yield shows the decline in yield is overdone, but there is not a signal this yield will rise significantly anytime soon.

The weekly chart suggests a rising trend if Friday's closing yield is above the five-week modified moving average at 1.649%. This mixed profile favors a trading range between my semiannual and quarterly value levels at 1.853%/1.869% and my semiannual risky level at 1.389%. Both sides of this range have been tested; 1.389% was tested on July 25 and 1.853% was tested in Aug. 16.

Comex Gold

($1658.3) -- With monthly momentum declining, the monthly chart for gold will be neutral given a close Friday above the five-month modified moving average at $1627.7. The weekly chart for gold stays positive with a close Friday above the five-week modified moving average at $1620.6. My annual value level is $1,575.8 the Troy ounce with my semiannual pivot at $1643.3 and semiannual and quarterly risky levels at $1,702.5 and $1,805.8.

Nymex Crude Oil

($94.75) -- With monthly momentum declining, the monthly chart for crude oil will be neutral given a close today above the five-month modified moving average at $93.47. The weekly chart for crude oil stays positive with a close today above the five-week modified moving average at $92.08. My monthly value level is $90.40 per barrel with my annual risky level at $103.58.

Euro vs. the dollar

(1.2506) -- The monthly chart for the euro vs. the dollar stays negative with a close Friday below the five-month modified moving average at 1.2949. The weekly chart stays positive Friday with a close above the five-week modified moving average at 1.2406. My monthly value level is 1.2237 with a semiannual risky level at 1.2917.

Dow Industrial Average

(13,001) -- The monthly chart remains positive, but overbought with a close Friday above the five-month modified moving average at 12,709. The weekly chart below shifts to neutral with a close Friday below the five-week modified moving average at 13,035. My annual value level is 12,312 with monthly and annual risky levels at 13,625 and 14,032. A close Friday below last week's close at 13,158 continues the weekly "Key Reversal" that began last week.

Chart Courtesy of Thomson/Reuters

S&P 500

(1399.5) -- The monthly chart stays positive but overbought given a close Friday above the five-month modified moving average at 1342.1. The weekly chart also remains positive but overbought with a close today above the five-week modified moving average at 1387.3. My annual pivot is 1363.2 with my monthly risky level at 1458.2.

Nasdaq

(3049) -- The monthly chart stays positive with a close Friday above the five-month modified moving average at 2882. The weekly chart remains positive but overbought with a close Friday above the five-week modified moving average at 2992. My annual value level is 2698 with monthly risky level at 3194.

Dow Transportation Average

(4993) -- With monthly momentum moving sideways to up, the monthly chart remains neutral on a close Friday below the five-month modified moving average at 5123. The weekly chart below for the Dow Transports becomes negative on a close Friday below the five-week modified moving average at 5124. My semiannual value levels are 4449 and 4129 with a monthly risky level at 5373.

Chart Courtesy of Thomson/Reuters

Russell 2000

(808.65) -- The monthly chart stays positive on a close Friday above the five-month modified moving average at 787.41. The weekly chart stays positive on a close Friday above the five-week modified moving average at 800.00. My semiannual value level is 686.25 with my annual risky level at 836.15.

The bottom line is that the Dow Transports need to end the week above 5124 to be in sync with the other four major equity averages. This is a stretch considering that Transports ended Thursday at 4993.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined

www.ValuEngine.com

in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs

a "buy and trade" investment strategy

and can be reached at

RSuttmeier@Gmail.com

.