the daily charts suggest trading ranges within negative weekly charts

8/6/2019 The Daily Charts Suggest Trading Ranges Within Negative Weekly Charts.

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June 28, 2011 – The Dai ly Chart s Suggest Trading Ranges With in Negat i ve Weekl y

Char ts .

All major equity averages are above their 200-day simple moving averages except thePhiladelphia Semiconductor Index (SOX). All major averages ended last week below their five-week modified moving averages. This sets up the various trading ranges; Dow IndustrialAverage 11,785 to 12,193, SPX 1264.3 to 1299.1, NASDAQ 2654 to 2716, NDX 2237 to 2277, DowTransports 5066 to 5250 with the 50-day at 5321, Russell 2000 777.97 to 809.47. The SOX is thelaggard below its 200-day at 411.97 and its five-week MMA at 414.96.

10-Year Note – (2.867) The 200-day simple moving average is 3.123 with a daily pivot at 2.901, andweekly risky level at 2.755. Monday’s low yield was a new low for the move at 2.840.

Courtesy of Thomson / Reuters



Comex Gold – ($1497.3) Weekly and semiannual value levels are $1471.6 and $1452.6 with dailyand quarterly pivots at $1518.2 and $1523.7, and monthly risky level at $1574.3. The daily chart is negative and gold is below its 50-day SMA at $1519.0.


Nymex Crude Oil – ($90.75) Semiannual and weekly value levels are $87.52 and $80.26 with a dailypivot at $90.03, the 200-day SMA at $92.78 and annual pivots at $99.91 and $101.92. The long term

up trend is the 200-week SMA now at $83.47.




The Euro – (1.4277) My weekly value level is 1.3744 with monthly and quarterly pivots at 1.4258 and1.4308, and daily and semiannual risky levels at 1.4394 and 1.4624. The 200-week SMA is 1.4014

with the 50-day SMA at 1.4402.


Daily Dow: (12,044) The 200-day simple moving average is 11,785 with weekly and annual valuelevels are 11,671 and 11,491 and daily risky level at 12,196, and the five-week modified moving

average at 12,193.




S&P 500 – (1280.1) My weekly value level is 1241.3 with the 200-day simple moving average at1264.3 with a daily risky level at 1292.9 and the 5-week modified moving average at 1299.1. The 5-

month MMA is 1276.4.NASDAQ – (2688) My weekly value level is 2583 with the 200-day simple moving average is 2654, adaily pivot at 2689, and the 5-week and 5-month modified moving averages are 2716 and 2675.

NASDAQ 100 (NDX) – (2252) My weekly value level is 2172 with the 200-day simple moving averageis 2237 and a daily pivot at 2249, and the 5-week and 5-month modified moving averages are 2277and 2244.

Dow Transports – (5259) My weekly value level is 5058 with my annual pivot at 5179 and daily riskylevel at 5359. The 200-day simple moving average is 5066, and the 50-day SMA at 5322. The 5-weekand 5-month modified moving averages are 5250 and 5090.

Russell 2000 – (805.15) My weekly value level is 756.79 with the 200-day simple moving average at777.97, my annual pivot at 784.16, and a daily risky level at 813.60. The 5-week and 5-month modifiedmoving averages are 809.47 and 790.71.

The SOX – (395.27) Daily and weekly value levels are 390.84 and 382.62 with the 200-day simplemoving average at 411.97. The 5-week and 5-month modified moving averages are 414.96 and418.78.

Definition of MOJO – This is my term for technical momentum. I use what’s 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 suggest trading ranges within negative weekly charts

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