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

ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEngine covers over 7,000 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

http://www.valuengine.com/pub/Unsubscribe? May 6, 2013 – New highs except on the Dow Transportation Average.
10-Year Note – (1.740) Monthly, annual and semiannual value levels are 1.945, 1.981, 2.476 and 3.063 with daily, weekly and semiannual risky levels at 1.664, 1.519 and 1.413. Comex Gold – ($1468.9) The 200-week SMA is $1440.5 with a weekly pivot at $1457.7, and daily, monthly, annual, semiannual and quarterly risky levels at $1510.2, $1566.7, $1599.9, $1719.2 and $1808.3. Nymex Crude Oil – ($95.53) Monthly and quarterly value levels are $88.34 and $79.66 with a weekly, pivot at $94.78, and daily and annual risky levels at $97.65 and $115.23. The Euro – (1.3113) Weekly, semiannual and quarterly value levels are 1.3059, 1.2797 and 1.2169 with daily, annual and monthly risky levels at 1.3175, 1.3257 and 1.3597. If you can’t confirm a market top, then look for a new top. This is what has been happening over the past few weeks. Negative divergences but no signals to confirm a stock market top. Even without a confirmation the upside for the major averages appears limited, and the downside risks remain the same. The Dow is above my monthly and semiannual value levels at 14,651 and 14,323 setting a new all time high at 15,009.59 on Friday. The S&P 500 is above monthly and semiannual pivots at 1587.3 and 1566.9 setting a new all time high at 1618.46. Transports are above its semiannual pivot at 5955 with a monthly risky level at 6284, which blocks setting a new all time high above the all time high at 6291.65 set on March 19. The Russell 2000 set a new all time high at 959.55 on Friday, shy of my monthly and semiannual risky levels at 962.82 and 965.51. Despite new highs nothing has changed as I still show risk to my annual value levels at 12,696 Dow Industrials, 1348.3 S&P 500, 2806 NASDAQ, 5469 Dow Transports and 809.54 Russell 2000 before 2013 comes to an end. Daily Dow: (14,974) Monthly, semiannual, quarterly and annual value levels are 14,651, 14,323, 13,755 and 12,696 with daily and weekly pivots at 14,887 and 14,990 and the May 3 all time high at 15,009.59. S&P 500 – (1614.4) Semiannual, quarterly and annual value levels are 1566.9, 1448.7 and 1348.3 with monthly, weekly and daily pivots at 1587.3, 1603.3 and 1609.3 and the May 3 all time high at 1618.46. NASDAQ – (3379) Weekly, monthly, quarterly and annual value levels are 3312, 3233, 3106 and 2806 with a daily pivot at 3369, the May 3 high at 3388.12, and semiannual risky level at 3583. NASDAQ 100 (NDX) – (2945) Weekly, quarterly, monthly and annual value levels are 2875, 2819, 2750 and 2463 with a daily pivot at 2932 and the May 3 high at 2952.22. Dow Transports – (6219) Annual, monthly, semiannual and quarterly value levels are 5925, 5960, 5955, 5469 and 5324 with daily and weekly pivots at 6204 and 6185 with my monthly risky level at 6284. Russell 2000 – (954.42) Annual / quarterly value levels are 860.25, 809.54 / 807.82 with daily / weekly pivots at 953.40 / 940.39, the May 3 all time high at 959.55, and monthly / annual risky levels at 962.82 / 965.51. The SOX – (450.92) Weekly, monthly, quarterly, and annual value levels are 433.09, 419.92, 357.61 and 338.03 with a daily risky level at 455.48. My semiannual risky level is 520.17 with the July 2007 high at 549.39.

Dow Utilities: (529.30) Quarterly, monthly and semiannual value levels are 524.16, 509.53 and 474.63 with daily, weekly and annual risky levels at 534.88, 546.55 and 540.37. VE Morning Briefing – If you want expanded analysis of the US Capital Markets go to this link and sign up: http://www.valuengine.com/nl/mainnl?nl=D

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