There have been no new all-time intraday highs in the stock market since September 7 when the Nasdaq Composite (IXIC) traded as high as 15,390.57. The Nasdaq still has a positive but overbought weekly chart.
The Philadelphia Semiconductor Index (SOX) (3,421.16) set its all-time intraday high of 3,484.18 on September. This is where the positives end.
The Dow Jones Industrial Average (DJI) (34,584.88) set its all-time intraday high of 35,631.19 on August 16. The Dow 30 ended last week with a negative weekly chart. It’s below its five-week modified moving average at 34,924. It’s 12-week slow stochastic reading is declining at 77.89. The Dow is between its annual and semiannual pivots at 33,425 and 34,846. Its quarterly value level is 31,968.
The S&P 500 Index (SPX) (4,432.99) set its all-time intraday high of 4,545.85 on September 2. SPX has a neutral weekly chart. It’s just below its five-week modified moving average at 4,436.95 but its 12-week slow stochastic reading remains overbought at 88.80. SPX is above its semiannual, quarterly and annual value levels at 4,137.20, 4,075.88 and 3,932.35, respectively. Weekly and monthly risky levels are 4,587.33 and 4,604.30.
The Nasdaq Composite (IXIC) (15,043.97) has a positive but overbought weekly chart. The Nasdaq is above its five-week MMA at 14,922.14. It’s 12-week slow stochastic reading remains overbought at 89.84. The Nasdaq has semiannual and annual value levels at 13,855.73 and 12,000.71 with a quarterly pivot at 14,447.43, and monthly risky level at 15,315.37.
The Dow Jones Transport Average (DJT) (14,267.96) has a negative weekly chart. Transports is below its five-week MMA at 14,605.99 and its 12-week slow stochastic reading is declining at 37.75. It’s semiannual and quarterly value levels are 13,310.09 and 13,160.14 with its annual pivot at 14,424.55 and monthly risky level 16,340.29.
The Russell 2000 Index (RUT) (2,236.87) has a neutral weekly chart. It’s just below its five-week MMA at 2,242.16. Its 12-week slow stochastic reading is rising at 57.23. Its annual and semiannual value levels are 2,120.34 and 2,095.64 with weekly and monthly risky levels at 2,303.13 and 2,495.14.
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