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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? June 21, 2013 – The Nasdaq needs additional downside to confirm a market top.
10-Year Note – (2.412) Annual and semiannual value levels are 2.476 and 3.063 with daily and weekly pivots at 2.284 and 2.259 and monthly, annual and semiannual risky levels at 2.092, 1.981 and 1.413. Comex Gold – ($1280.1) Daily and monthly pivots are $1325.2 and $1379.5 with weekly, annual, semiannual, quarterly and annual risky levels at $1412.2, $1599.9, $1719.2, $1808.3 and $1852.1. Nymex Crude Oil – ($94.94) Monthly and quarterly value levels are $92.32 and $79.66 with daily, weekly and annual risky levels at $97.51, $102.71 and $115.23. The Euro – (1.3221) Weekly, semiannual and quarterly value levels are 1.3124, 1.2797 and 1.2169 with my annual pivot at 1.3257, and monthly and daily risky levels at 1.3322 and 1.3429. Without additional downside today, momentum on the Nasdaq will stay overbought for another week, which would delay negative weekly charts across all five major averages. Closes below all five-week modified moving averages would be a solid warning that the confirmation will occur next week. The five-week MMAs are; 15,036 Dow Industrials, 1621.3 S&P 500, 3405 Nasdaq, 6295 Dow Transports and 971.94 Russell 2000. The May 20 / May 22 highs are; 15,542.40 Dow Industrials, 1687.18 S&P 500, 3532.04 Nasdaq, 6568.41 Dow Transports and 1008.23 Russell 2000. Annual value levels are; 12.696 Dow Industrials, 1348.3 S&P 500, 2806 Nasdaq, 5469 Dow Transports and 809.54 Russell 2000. Daily Dow: (14,758) Monthly, semiannual, quarterly and annual value levels are 14,739, 14,323, 13,755 and 12,696 with a daily pivot at 14,870, the May 22 all time high at 15,542.40, and weekly risky level at 15,667. S&P 500 – (1588.2) Semiannual, quarterly and annual value levels are 1566.9, 1448.7 and 1348.3 with daily and monthly pivots at 1601.2 and 1602.8, the May 22 all time high at 1687.18, and weekly risky level at 1705.9. NASDAQ – (3365) Monthly, quarterly and annual value levels are 3288, 3106 and 2806 with a daily pivot at 3374, the May 22 multi-year high at 3532.04, and semiannual and week risky levels at 3583 and 3644. NASDAQ 100 (NDX) – (2890) Quarterly, monthly and annual value levels are 2819, 2784 and 2463 with a daily pivot at 2898, the May 22 multi-year high at 3053.51 and weekly risky level at 3141. Dow Transports – (6142) Semiannual, annual and quarterly value levels are 5955, 5925, 5469 and 5324 with a daily pivot at 6195, the May 20 all time high at 6562.85, and weekly and monthly risky levels at 6612 and 6734. Russell 2000 – (960.52) Annual and quarterly value levels are 860.25, 809.54 / 807.82 with daily, semiannual and monthly pivots at 967.37, 965.51 and 978.21, the May 22 high at 1008.23, and weekly risky level at 1038.6. The SOX – (459.72) Monthly, quarterly and annual value levels are 458.41, 357.61 and 338.03 with a daily pivot at 459.59, a weekly risky level at 506.46, a semiannual risky level is 520.17 and the July 2007 high at 549.39. Dow Utilities: (465.57) No value level with daily, weekly and semiannual pivots at 474.55, 478.78 and 474.63, a monthly risky level at 978.21, a quarterly risky level at 524.16 and annual risky level at 540.37.

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