Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.

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May 20, 2011 – Stocks will likely avoid negative weekly closes this week.
Closes below the five-week modified moving averages are required to shift the weekly chart
profiles to negative; 12,461 Dow Industrial Average, 1332.1 S&P 500, 2803 NASDAQ, 2356
NASDAQ 100 (NDX), 5333 Dow Transports, 835.52 Russell 2000 and 441.70 Philadelphia
Semiconductor Index (SOX). The Russell 2000 is on the cusp of this bearish signal, and the
SOX will likely have a negative weekly close.
10-Year Note – (3.171) Weekly, Monthly, annual and quarterly value levels are 3.407, 3.757, 3.796
and 4.016 with a daily pivot at 3.204, and annual, and semiannual risky levels at 3.120, 2.690, 2.441,
and 2.322. The 200-day simple moving average looms at 3.077.

Courtesy of Thomson / Reuters

Comex Gold – ($1494.4) Daily, semiannual and annual value levels are $1480.8, $1452.6 and
$1356.5 with quarterly, weekly and monthly risky levels at $1523.1, $1551.0 and $1589.3.

Courtesy of Thomson / Reuters

Nymex Crude Oil – ($98.49) Daily and semiannual value levels are $95.12 and $87.52 with my
annual pivots at $99.91 and $101.92, and semiannual, weekly, monthly and quarterly risky levels at
$107.14, $111.67, $119.17 and $120.52. The 200-day simple moving average is a support at
$89.91.

Courtesy of Thomson / Reuters

The Euro – (1.4305) My daily value level is 1.4124 with a quarterly pivot at 1.4308, and weekly,
quarterly and monthly risky levels at 1.4516, 1.4624 and 1.5144.

Courtesy of Thomson / Reuters

Daily Dow: (12,605) Daily and annual value levels are 12,533 and 11,491 with weekly, monthly,
quarterly and annual risky levels at 13,134, 13,663, 13,774 and 13,890.

Courtesy of Thomson / Reuters

S&P 500 – (1343.6) My daily value level is 1336.4 with the May 2nd high at 1370.58. A close this week
below the five-week modified moving average at 1332.1 shifts the weekly chart profile to negative.
NASDAQ – (2823) The five-week simple moving average is 2803 with a daily value level at 2809 and
the May 2nd high at 2887.75. A close this week below 2803 shifts the weekly chart profile to negative.
NASDAQ 100 (NDX) – (2370) The five-week modified moving average is 2356 with a daily value level
at 2359 and the May 2nd high at 2417.83. A close this week below 2356 shifts the weekly chart profile
to negative.
Dow Transports – (5479) The five-week modified moving average is 5333 with a daily value level at
5399 and the May 2nd high at 5565.78. A close this week below 5333 shifts the weekly chart profile to
negative.
Russell 2000 – (835.16) The five-week modified moving average is 835.67 with a daily value level at
829.82 and the May 2nd high at 868.57. A close this week below 835.52 shifts the weekly chart profile
to negative.
The SOX – (433.87) The five-week modified moving average is 441.70 with a daily pivot at 433.88. A
close this week below 441.70 shifts the weekly chart profile to negative.
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow
stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0
is overbought and below 2.0 is oversold.
Richard Suttmeier
Chief Market Strategist
ValuEngine.com
(800) 381-5576
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“I Hold No Positions in the Stocks I Cover.”