NEW YORK ( TheStreet) -- The major equity averages traded lower last week, with day-to-day volatility around my monthly pivot at 3663 on the Nasdaq. The Nasdaq stayed well below its semiannual risky level at 3759.All the other major averages stayed well below their monthly and semiannual risky levels, which are 16,188 and 16,490, respectively, for the Dow Jones Industrial Average; 1742.5 and 1743.5, respectively, for the S&P 500; 7087 and 7104, respectively, for the Dow Transports; and 1092.24 and 1089.42, respectively, for the Russell 2000. This week we have weekly risky levels at 15,579 for the Dow industrials, 1703.7 for the S&P 500, 3699 for the Nasdaq, 6509 for the Dow transports and 1071.67 for the Russell 2000, which should limit the upside potential. Fundamentally, the ValuEngine valuation warning continues, with 75.6% of all stocks overvalued with 42.1% overvalued by 20% or more. Fifteen of 16 sectors are overvalued, 14 by double-digit percentages. Six are overvalued by more than 20%.