Analysis of the S&P 500 (1459.4): My annual value level is 1348.3 with annual and quarterly pivots at 1400.7 and 1431.1 and quarterly risky level at 1510.0. My semiannual value level is 1073.9 with semiannual risky level at 1566.9 versus the October 2007 high at 1576.09.

Analysis of the Nasdaq (3101): Annual value levels are 2806 and 2790 with a quarterly pivot at 3071 and quarterly risky level at 3274. My semiannual value level is 2546 with semiannual risky level at 3583.

Analysis of the Nasdaq 100 (2732): Annual value levels are 2463 and 2385 with quarterly risky levels at 2798 and 2920. My semiannual value level is 2249 with semiannual risky level at 3196.

Analysis of the Dow Transportation Average (5470): My quarterly value level is 5094 with an annual pivot at 5469 with a quarterly risky level at 5634. My semiannual value level is 4151 with annual and semiannual risky levels at 5925 and 5955. The all-time closing high is 5618.25 set on July 7, 2011.

Analysis of the Russell 2000 (872.60): Set a new all-time high at 878.43 on Thursday. Quarterly and annual value levels are 821.01 and 809.54 with an annual pivot at 860.25 and quarterly risky level at 913.92. My semiannual value level is 697.55 with semiannual risky level at 965.51.

Analysis of the PHLX Semiconductor Sector Index (SOXX) (397.54): Quarterly and annual value levels are 371.62 and 338.03 with quarterly risky level at 440.36. My semiannual value level is 325.99 with semiannual risky level at 520.17. A lower annual value level is 274.16.

At the time of publication the author held no positions in any of the stocks mentioned.

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

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