A way to trade the Nasdaq is via the PowerShares QQQ ( QQQ) ($71.27). My annual value level is $60.27 with weekly, monthly and quarterly risky levels at $72.91, $72.91 and $73.00. The weekly and monthly levels are the same making it a formidable wall at $72.91 to $73.00. Note that the weekly chart profile is negative with Friday's close below the five-week modified moving average at $71.69 with the 12x3x3 weekly slow stochastic reading declining below 80.00 at 72.76.

Chart Courtesy of Thomson/Reuters

The Dow Transportation Average (6174): My annual and quarterly value levels are 5469 and 5348 with annual and semiannual pivots at 5925 and 6148 and weekly and monthly risky levels at 6386 and 6758 with the May 20 all-time high at 6568.41.

A way to trade transportation stocks is via the iShares Dow Jones Transportation Average ( IYT) ($109.89). My quarterly value level is $94.09 with annual and semiannual pivots at $106.22 and $110.40 and weekly and monthly risky levels at $114.07 and $120.79. Note that the weekly chart profile is negative with Friday's close below the five-week modified moving average at $111.33 with the 12x3x3 weekly slow stochastic reading declining below 80.00 at 64.62.

Chart Courtesy of Thomson/Reuters

Russell 2000 (977.48): My quarterly and annual value levels are 863.05, 860.25 and 809.54 with semiannual, weekly, monthly and semiannual risky levels at 993.99, 1007.25, 1030.75 and 1089.43 and the May 22 all time high at 1008.23.

Without confirming a market top for the major equity averages the June 24 lows should be supports at; 14,551.27 on Dow industrials, 1560.33 S&P 500, 3294.95 Nasdaq, 5952.18 Dow transports and 942.79 Russell 2000. I do not project new highs as risky levels block such a potential.

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