Richard Suttmeier is the Chief Market Strategist at
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January 31, 2012 – The Dow is between its quarterly pivots at 12,478 and 12,796.
With the Dow Industrial Average below its quarterly pivot at 12,796 the daily chart is no longeroverbought and there’s risk to my other quarterly pivot at 12,478. A weekly close below 12,478indicates risk to my monthly value level, which will be revised on Wednesday from 11,210based upon today’s monthly close. The S&P 500 provided the stability that led to the afternoonrebound for stocks – Closing above its quarterly pivot at 1305.4 after trading below it. The yieldon the 10-Year note is below my semiannual pivot at 1.903 and traded below my weekly pivot at1.841 on Monday. Gold is above my quarterly pivot at $1740.9 this morning. Crude oil continuesto trade around my quarterly pivot at $99.87. The euro versus the dollar is above mysemiannual pivot at 1.2980 and its 50-day at 1.3067. A close below the 50-day should hurt USstocks as the dollar strengthens.10-Year Note
– (1.849) My daily and annual value levels are 2.027 and 2.502 with semiannual andweekly pivots at 1.903 and 1.841, and quarterly, monthly and semiannual risky levels at 1.687, 1.409and 1.385.
Courtesy of Thomson / Reuters