Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Melbourne, FL. ValuEngine covers over 8,000 stocks every day. A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks, and commentary can be found http://www.valuengine.com/nl/mainnl To unsubscribe from this free email newsletter list, please click

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May 21, 2014 – The Tug-Of-War Between the Five Major Averages Continues.

The weekly charts for Dow Industrials, S&P 500 and Dow Transports are positive with five-week modified moving averages at 16400, 1864.7 and 7629, respectively. The weekly charts for the Nasdaq and Russell 2000 are negative with five-week MMAs at 4115 and 1129.02, respectively. The Nasdaq is back below its five-week MMA on Tuesday pulling Dow industrials below its five-week MMA. The all-time intraday highs were set last Tuesday, May 13 at 16735.51 Dow Industrials, 1902.17 S&P 500 and 7918.92 Dow Transports. The Russell 2000 rebounded on Monday, but is still below its 200-day simple moving average at 1117.03. To confirm a significant market top the major averages need to have weekly closes below semiannual pivots and value levels at 1764.4 S&P 500, 3920 Nasdaq and 7245 Dow Transports. Favoring the bulls is the Dow Industrials between its semiannual pivot at 16245 and its quarterly pivot at 16462. Favoring the bears is the fact that the Russell 2000 remains below its semiannual pivots at 1133.29 and 1130.79 with its quarterly pivot at 1169.22 and below its 200-day SMA at 1117.23. The week’s pivot is 16500 Dow Industrials with weekly value levels at 1862.8 S&P 500, 3908 Nasdaq, 7755 Dow Transports and 1055.03 Russell 2000. The major equity averages straddle quarterly levels at 16462 Dow Industrials, 1853.5 S&P 500, 4039 Nasdaq, 7407 Dow Transports and 1169.22 Russell 2000. Semiannual value levels are 3930 and 3920 Nasdaq with semiannual pivots at 16245 Dow industrials, 1797.3 and 1764.4 S&P 500, 7376 and 7245 Dow Transports, semiannual pivots at 1130.79 and 1133.29 Russell 2000 and a semiannual risky level at 16860 Dow industrials. Annual value levels are 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and 3063 Nasdaq, 6249 and 5935 Dow Transports and 966.72 and 879.39 Russell 2000. Dow Industrials: (16374) Semiannual and annual value levels are 16245, 14835 and 13467 with quarterly, weekly and daily pivots at 16462, 16500 and 16517, the May 13 all-time intraday high at 16735.51 and semiannual and monthly risky levels at 16860 and 17407.

S&P 500 – (1872.8) Weekly, quarterly, semiannual and annual value levels are 1862.8, 1853.5, 1797.3, 1764.4, 1539.1 and 1442.1 with a daily risky level at 1888.9, the May 13 all-time intraday high at 1902.17 and monthly risky level at 2006.7.

NASDAQ – (4097) Quarterly, weekly, semiannual and annual value levels are 4039, 3908, 3930,

3920, 3471 and 3063 with a daily risky level at 4154, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4581.

NASDAQ 100 (NDX) – (3600) Weekly, semiannual, quarterly and annual value levels are 3445, 3458, 3456, 3424, 3078 and 2669 with a daily risky level at 3647, the March 6 multiyear intraday high at 3738.32, and monthly risky levels at 3960.

Dow Transports – (7834) Weekly, quarterly, semiannual, and annual value levels are 7755, 7407, 7376, 7245, 6249 and 5935 with the May 13 all-time intraday high at 7918.92 and daily and monthly risky levels at 7969 and 8361.

Russell 2000 – (1097.90) Weekly and annual value levels are 1055.03, 966.72 and 879.39 with daily and semiannual pivots at 1119.09, 1133.29 and 1130.29, a quarterly risky level at 1169.22, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1261.38.

The SOX – (578.58) Weekly, semiannual, quarterly and annual value levels are 566.59, 548.36, 507.19, 490.52, 371.58 and 337.74 with a daily pivot at 579.14, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61.

Dow Utilities: (530.55) Quarterly, semiannual, daily and annual value levels are 528.10, 524.37, 522.16, 504.74 and 497.53, with annual and monthly pivots at 548.70 and 549.73, a weekly risky level at 555.42 and the April 30 all-time intraday high at 558.29. 10-Year Note – (2.514) Monthly, weekly and daily pivots are 2.616, 2.526 and 2.500 with quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.

30-Year Bond – (3.388) A monthly value level is are 3.586 with daily, weekly, quarterly, annual and semiannual risky levels at 3.368, 3.302, 3.305, 3.283, 3.114, 3.107 and 2.624.

Comex Gold – ($1294.6) Weekly, quarterly and monthly value levels are $1262.6, $1224.0, $1215.7 and $1170.4 with a daily pivot at $1300.9 and semiannual and annual risky levels at $1710.6, $1747.4, $1818.8 and $1857.1.

Nymex Crude Oil – ($102.33) Monthly and quarterly value levels are $90.39 and $89.40 with daily, weekly, semiannual and annual risky levels at $103.23, $103.99, $104.74 and $107.52.

The Euro – (1.3699) Daily, annual, quarterly and semiannual value levels are 1.3588, 1.3382, 1.3185, 1.2642 and 1.2216 with weekly, monthly and annual risky levels at 1.3760, 1.4171 and 1.5512.

The Dollar versus Japanese Yen – (101.29) Annual and semiannual value levels are 93.38 and 85.57 with a daily pivot at 101.79 and weekly, monthly and quarterly risky levels at 102.14, 105.37 and 105.66.

The British Pound – (1.6839) Daily, annual and quarterly value levels are 1.6712, 1.6262 and 1.6123 with weekly and monthly risky levels at 1.7037 and 1.7556. To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact me at RSuttmeier@gmail.com.