NEW YORK ( TheStreet) -- A risky asset class just got riskier as stock market fundamentals remain overvalued and as the technicals become more overbought. This week the Dow Industrial Average joined the Dow Transportation Average setting new all-time highs, and in the process confirmed a Dow Theory Buy.This week my writings focused on reasons to be cautious and included exit strategies in addition to my "buy and trade" strategies. On Monday, I wrote
As I said last week, weekly closes above all monthly pivots at 13,949 Dow Industrials, 1528.6 S&P 500, 3197 NASDAQ, and 901.68 Russell 2000 indicates potential strength to the risky levels at 14,323 Dow Industrials, 1566.9 S&P 500 and 965.51 Russell 2000. With the Dow just above 14,323, its one down, two to go. We need weekly closes below these monthly pivots to indicate risk to the monthly value level at 5522 Dow Transports. The other first value levels are 13,668 Dow Industrials, 1431.1 S&P 500, 3071 NASDAQ and 860.25 Russell 2000. At the time of publication the author had no position in any of the stocks mentioned. Follow @suttmeier This article was written by an independent contributor, separate from TheStreet's regular news coverage.