equity averages trade between february highs and march lows

8/7/2019 Equity Averages trade between February highs and March lows

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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.

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March 25, 2011 Equi ty Averages t r ade betw een Februar y h ighs and March low s

It was Friday, February 18th when The Dow Industrial Average reached 12,391.29 with the

NASDAQ as high as 2840.51. It was Wednesday, March 16

th

when the Dow tested 11,555.48 withthe NASDAQ at 2603.50. The rebound since then has the Dow just 1.8% below its February highwith the NASDAQ 3.7% lower. At the high we had a ValuEngine Valuation Warning. At the lowsstocks were still fundamentally overvalued, and remain overvalued today. At the highs weeklymomentum for the Dow was at 9.5. Today weekly momentum has declined to 7.6, with a trendbelow 8.0 a negative. February 18th was the Friday before the unrest in Egypt came to a head.We reached the lows following Japans earthquake, tsunami and nuclear disaster. Since theMarch lows these uncertainties continue with Libya and many other global problems allbubbling under the stock market. Meanwhile at home the US housing market depression hasdeepened, community banks remain extremely stressed and regional banks face newassessments from the FDIC beginning in April.

Stocks Remain Overvalued Fundamentally We are not operating under a ValuEngine ValuationWarning, but 58.7% of all stocks are overvalued. In addition 15 of 16 sectors are overvalued with 5 bydouble-digit percentages.

10-Year Note (3.406) Weekly, annual, and semiannual value levels are 3.496 and 3.796 with daily,and monthly risky levels at, 3.289 and 3.002.

Courtesy of Thomson / Reuters


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Comex Gold ($1428.8) Comex Gold traded as high as $1.448.6 the Troy ounce on Thursday, whichis a new all time high. Daily and annual value levels are $1413.3 and $1356.5 with weekly, monthly

and quarterly pivots at $1440.7, $1437.7 and $1441.7, and semiannual risky level at $1452.6.


Nymex Crude Oil ($105.28) Nymex crude oil remained below its March 7th high at $106.96 perbarrel. Monthly and semiannual value levels are $96.43, and $87.52 with annual and pivots at $99.91,

$101.92 and $103.39, and semiannual and quarterly risky levels at $107.14 and $110.87.



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The Euro (1.4166) Weekly and quarterly value levels are 1.4028 and 1.3227 with daily, semiannualand monthly risky levels at 1.4210, 1.4624 and 1.4637.


Daily Dow: (12,171)Daily, annual, quarterly, semiannual, and semiannual value levels are 11,914,11,491, 11,395, 10,959, and 9,449 with weekly, monthly and annual risky levels at 12,271, 12,741 and13,890.



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Key Levels for the Major Equity Averages The Dow Industrial Average (12,171) Daily and annual value levels are 11,914 and 11,491

with weekly and monthly risky levels at 12,271 and 12,741. The Dow is 1.8% below itsFebruary 18thhigh at 12,391.29. The S&P 500 (1309.7) Daily, quarterly and annual value levels are 1281.5, 1262.5 and 1210.7

with weekly and monthly risky levels at 1330.7 and 1381.3. SPX is 2.6% below its Februaryhigh at 1,344.07.

The NASDAQ (2736) My daily value level is 2657 with weekly, quarterly and monthly riskylevels at 2792, 2853 and 2926. Semiannual and annual value levels are 2363, 2335 and 2172.The NASDAQ is 3.7% below its February high at 2840.51.

The NASDAQ 100 (NDX) (2312) My daily value level is 2226 with weekly, quarterly, andmonthly risky levels at 2360, 2438 and 2499. Semiannual value levels are 2006.8 and 1927.6.NDX is 3.8% below its February high at 2,403.52.

Dow Transports (5166) Daily and quarterly value levels are 5111 and 4671 with weekly andannual pivots at 5164 and 5179. Transports are 2.7% below its February high at 5306.65. The Russell 2000 (817.10) Daily, annual and quarterly value levels are 806.39, 784.16 and

765.50 with weekly and monthly risky levels at 842.72 and 850.79. Semiannual value levels are631.62 and 567.74. The Russell 2000 is 2.5% below its February high at 838.00.

The Philadelphia Semiconductor Index (SOX) (437.41) My daily value level is 422.35 withmonthly, weekly, and quarterly risky levels at 453.89, 462.98 and 465.93. Semiannual andannual value levels are 296.89, 270.98 and 259.30. The SOX is 7.8% below its February higat 474.33.

Thats todays Four in Four. Have a great day.

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

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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.comI have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters awell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the

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equity averages trade between february highs and march lows

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