the daily charts for the major averages are no longer oversold

8/6/2019 The Daily Charts for the major averages are no longer oversold.

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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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August 16, 2011 The Dai ly Chart s for the major averages are no longer oversold.

The Dow Industrial Average had a year to date low at 10,604 in a knee-jerk reaction to the Fed

Statement a week ago today. This reaction low held the zone of the 200-week and 120-monthsimple moving averages at 10,732 and 10,573. I expected at least a rebound to my annual pivotat 11,491 and Mondays high was 11,485. The bear market rally off last Tuesdays low reached8.3%. Above 11,491 is potential to prior broken lows; 11,555 from March 16 th and 11,862 fromJune 15th. In order to shift the weekly chart to neutral from negative we need a weekly closeabove the five-week modified moving average at 12,009, which I am not expecting. The annualpivot for the S&P 500 is 1210.7 versus Mondays high at 1204.49, and the bear market rally offlast Tuesdays low reached 9.4%.

10-Year Note (2.304) Weekly, annual and quarterly value levels are 2.576, 2.690 and 3.053, 3.556and 3.791 with my semiannual pivot at 2.414, and daily and semiannual risky levels at 2.040 and1.672.

Courtesy of Thomson / Reuters


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Comex Gold ($1747.6) Weekly, quarterly, semiannual and monthly value levels are $1685.9,$1655.8, $1644.8 and $1604.1 with a daily risky level at $1804.5.


Nymex Crude Oil ($87.83) The 200-week simple moving average is $83.96 with a daily value levelat $77.39, a weekly risky level at $92.09, my annual pivots at $99.91 and $101.92 and quarterly and

semiannual risky levels at $102.40 and $103.92.



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The Euro (1.4443) Weekly, daily and quarterly value levels are 1.4289, 1.4229 and 1.3728 with mysemiannual risky level at 1.4752.


Daily Dow: (11,483) The 200-week simple moving average is 10,742 with a daily value level at10,543, my annual pivot at 11,491, and weekly risky level at 12,098. Semiannual value levels are9,635 and 8,468 with monthly, quarterly and annual risky levels at 13,460, 13,839 and 13,890.



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S&P 500 (1204.5) My daily value level is 1089.1 with my annual pivot at 1210.7 and weekly riskylevel at 1275.7. Semiannual value levels are 981.3 and 855.7 with monthly, quarterly and annual risky

levels at 1444.1, 1467.0 and 1562.9.NASDAQ (2555) My annual and daily value levels are 2335 and 2289 with weekly risky level is2780. Annual and semiannual value levels are 2335, 2199 and 2049 with monthly, quarterly andannual risky levels at 3038, 3109 and 3243.

NASDAQ 100 (NDX) (2214) Daily, semiannual and annual value levels are 2015, 1951, 1861 and1723 with weekly, monthly, annual and quarterly risky levels at 2405, 2553, 2590 and 2630.

Dow Transports (4684) Daily and semiannual value levels are 4203, 4335 and 3868 with weekly,annual, monthly, quarterly and annual risky levels at 5109, 5179, 5654, 6112 and 6131.

Russell 2000 (718.62) Daily and semiannual value levels are 622.65, 577.47 and 530.04 with

annual, weekly, monthly, quarterly and annual risky levels at 784.16, 788.85, 910.11, 930.83 and978.58.

The SOX (362.65) Daily, annual and semiannual value levels are 323.53, 270.98, 258.97 and204.67 with weekly, monthly, quarterly and annual risky levels at 383.44, 459.15, 493.22 and 531.14.

Equity Fundamentals Stocks are cheap, but not as cheap as in March 2009. 79.3% of all stocks are undervalued / 20.7% of all stocks are overvalued. The percentage of

undervalued stocks is back below 80%. In March 2009, 91.1% of all stocks were undervalued. All sixteen sectors are undervalued, fourteen by double-digit percentages. Back in March 2009

the sectors were undervalued by 33% to 45%

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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the daily charts for the major averages are no longer oversold

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