NEW YORK ( TheStreet) -- The major equity averages surged to new highs Thursday as traders further inflate the QE-induced bubbles in the stock market. The new all-time highs are 15,650.69 Dow industrials, 1707.85 S&P 500, 6686.86 Dow transports and 1060.96 Russell 2000. The Nasdaq traded to a new multi-year high at 3678.50 vs. my new monthly pivot at 3663.The ValuEngine valuation warning intensified with 77.1% of all stocks overvalued and with 46.3% overvalued by 20% or more. 15 of 16 sectors are overvalued, 14 by double-digit percentages, eight by more than 20%. A close today above my monthly pivot at 3663 on the Nasdaq indicates upside to monthly and semiannual risky levels at 16,188 and 16,490 Dow industrials, 1742.5 and 1743.5 S&P 500, 3663 and 3759 Nasdaq, 7087 and 7104 Dow transports and 1092.24 and 1089.42 Russell 2000. The % upside shown in the table below is between 2.1% and 6.5%. My quarterly value levels are 14,288 Dow industrials, 1525.6 S&P 500, 3284 Nasdaq, 5348 Dow transports and 863.05 on the Russell 2000 with My annual value levels lag at 12,696 Dow industrials, 1348.3 S&P 500, 2806 Nasdaq and 809.54 Russell 2000. The % downside risk is shown in the right most column in the table below. Note that the downside is more than 20% for four of the six averages in the table.