the weekly charts remain negative. daily charts oversold

8/6/2019 The Weekly Charts Remain Negative. Daily Charts Oversold

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June 20, 2011 The Weekly Chart s Remain Negat i ve. Dai ly Chart s Oversold

The decline in the yield on the 10-Year US Treasury is overdone on its weekly chart, so focus

on the daily chart where key support is the 200-day simple moving average at 3.117. Gold has anegative divergence in weekly MOJO, so focus on the daily chart where the 50-day is supportat $1511.3 the Troy ounce. Crude oil has a negative weekly chart with risk to the 200-weeksimple moving average at $83.37. Crude oil tested its 200-day at $92.25 last Friday, so closesbelow that milestone would be the next negative. The euro versus the dollar is negative on itsweekly chart where the 200-week is the key support at 1.4012. The weekly charts for the majorequity averages are negative. The daily charts are oversold with the averages straddling 200-day SMAs at; 11,735 Dow Industrials, 1259 SPX, 2641 NASDAQ, 2227 NDX, 5041 DowTransports, 773.04 Russell 2000 and 409.77 SOX. If stocks break below the 200-day SMAs therisk over time is the 200-week SMAs at 10,803 Dow Industrials, 1164.79 SPX, 2249 NASDAQ,1821 NDX, 4324 Dow Transports, 657.32 Russell 2000, and 347.42.

10-Year Note (2.936) Monthly, annual and quarterly value levels are 3.783, 3.796 and 4.016 with adaily pivot at 2.945, and weekly, annual and semiannual risky levels at 2.758, 2.690, 2.441, and 2.322

Courtesy of Thomson / Reuters

8/6/2019 The Weekly Charts Remain Negative. Daily Charts Oversold

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Comex Gold ($1538.9) Semiannual and annual value levels are $1452.6 and $1356.5 with quarterlyand daily pivots at $1523.7 and $1522.0, and weekly and monthly risky levels at $1549.5 and $1574.3

Courtesy of Thomson / Reuters

Nymex Crude Oil ($93.05) Semiannual and weekly value levels are $87.52 and $87.15 with dailyand annual pivots at $95.15, $99.91 and $101.92, and semiannual, monthly and quarterly risky levels

at $107.14, $113.61 and $120.52.

Courtesy of Thomson / Reuters

8/6/2019 The Weekly Charts Remain Negative. Daily Charts Oversold

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The Euro (1.4296) Weekly and daily value levels are 1.4177 and 1.4038 with monthly and quarterlypivots at 1.4258 and 1.4308, and semiannual risky level at 1.4624.

Courtesy of Thomson / Reuters

Weekly Dow: (12,004) The weekly chart stays negative with declining MOJO and weekly closes belowthe five-week modified moving average at 12,249. My annual value level is 11,491 with weekly,monthly, quarterly and annual risky levels at 12,185, 13,663, 13,774 and 13,890. A break of the up

trend indicates risk to the 200-week simple moving average at 10,802.

Courtesy of Thomson / Reuters

8/6/2019 The Weekly Charts Remain Negative. Daily Charts Oversold

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S&P 500 (1271.5) The 200-day simple moving average is 1259 with a daily pivot at 1265.1 andweekly risky level at 1289.3. The 5-week and 5-month modified moving averages are 1306.7 and

1276.4.NASDAQ (2616) My daily value level is 2590 with the 200-day simple moving average is 2641 andweekly risky level at 2677. The 5-week and 5-month modified moving averages are 2732 and2675.

NASDAQ 100 (NDX) (2193) My daily value level is 2175 with the 200-day simple moving average is2227 and weekly risky level at 2235. The 5-week and 5-month modified moving averages are 2292and 2244.

Dow Transports (5159) The 200-day simple moving average is 5041 with a daily value level at5086, my annual pivot at 5179, and weekly risky level at 5337. The 5-week and 5-month modifiedmoving averages are 5258 and 5090.

Russell 2000 (781.75) The 200-day simple moving average is 773.04 with a daily value level at770.43, my annual pivot at 784.16, and weekly risky level at 787.87. The 5-week and 5-monthmodified moving averages are 812.21 and 790.71.

The SOX (388.21) My daily value level is 381.45 with the 200-day simple moving average at 409.77and weekly risky level at 400.70. The 5-week and 5-month modified moving averages are 420.56and 418.78.

Definition of MOJO This is my term for technical momentum. I use whats called 12x3x3 slowstochastic readings from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0is overbought and below 2.0 is oversold.

Richard SuttmeierChief Market StrategistValuEngine.com(800) 381-5576

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