Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Melbourne, FL.

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January, 24, 2014 Transport set another new high, while the other averages slump.

The Dow Transportation Average set a new all-time intraday high at 7591.43 while the Dow Industrial Average set a new 2014 low at 16,140.58, below my semiannual pivot at 16,245. Dow Industrials and the S&P 500 have negative daily charts with closes below 21-day SMAs at 16,423 and 1837.4. The Dow tested its 50-day SMA at 16,153 and a close today below its fiveweek MMA at 16,216 will shift the weekly chart to neutral. The S&P 500 could not sustain gains above my monthly pivot at 1847 while the Nasdaq stayed shy of monthly and quarterly risky levels at 4267 and 4274. The Russell 2000 closed Wednesday just above my quarterly risky level 1180.35 but could not sustain that strength. Other risky levels still loom on strength: quarterly and semiannual at 16,761 / 16,860 Dow Industrials and my quarterly risky level at 1896 S&P 500. The major averages now straddle key levels to the downside: Dow Industrials traded below its semiannual pivot at 16,245 while Dow Transports are well above its semiannual pivot and value level at 7376 and 7245 with the 2014 low at 7228.93 set on Jan. 6. Below are semiannual value levels at 1797.2 / 1764.4 S&P 500, 3930 / 3920 Nasdaq and 1133.29 / 1130.79 Russell 2000. Annual value levels are: 14,835 / 13,467 Dow Industrials, 1539.1 / 1442.1 S&P 500, 3471 / 3063 Nasdaq, 6249 / 5935 Dow Transports and 966.72 and 879.39 Russell 2000. US Treasury Yields - The yield on the US Treasury 10-Year note (2.775%) set a 2014 low at 2.759% below its 21-day and 50-day SMAs at 2.919% and 2.848% with a quarterly risky level at 2.628%. The weekly chart still favors lower yields with its five-week MMA at 2.842% and the 200-week at 2.455%. The yield on the US Treasury 30-Year bond (3.681%) set a 2014 low at 3.661% below its 21-day and 50-day SMAs at 3.846% and 3.851% with the 200-day at 3.579%. The weekly chart favors lower with its five-week MMA at 3.802 and 200-week at 3.573%. Comex Gold ($1262.3) is above its 21-day, 50-day SMAs at $1230.2 and $1239.2 with its 200-day SMAs at $1323.6. The weekly chart is positive with its 5-week MMA at $1249.8. Nymex Crude Oil ($97.32) is above its 21-day and 50-day SMAs at $95.48 and $95.57 with the 200-day at $98.98. The weekly chart is positive with its five-week MMA at $96.06 and the 200-week SMA at $92.63. My quarterly pivot at $93.35 provided the stability after a 2014 low at $91.24.

The Euro (1.3694) has a positive daily chart with the 21-day, 50-day and 200-day SMAs at 1.3644, 1.3637 and 1.3358. The weekly chart is neutral with five-week at 1.3629 and 200-week at 1.3312. Daily Dow: (16,197) has a negative daily chart with its 21-day SMA at 16,422 with the 50-day and 200-day SMAs at 16,152 and 15,433. The weekly chart shifts to neutral with a close today below the five-week MMA at 16,211 and the 200-week at 12,864. My annual value levels are 14,835 and 13,467 with semiannual and monthly pivots at 16,245 and 16,327, the Dec. 31 all-time intraday high at 16,588.25 and quarterly and semiannual risky levels at 16,761 and 16,860. S&P 500 (1828.5) has a negative daily chart with the 21-day SMA at 1837.3 and the 50-day and 200-day at 1812.1 and 1700.1. The weekly chart is positive but overbought with the five-week MMA at 1817.3 and the 200-week at 1382.2. My semiannual and annual value levels are 1797.3, 1764.4, 1539.1 and 1442.1 with my monthly pivot at 1847.0, the Jan. 15 all-time intraday high at 1850.84, and quarterly risky level at 1896.0. NASDAQ (4219) has a positive but overbought daily chart with the 21-day, 50-day and 200-day SMAs at 4171, 4077 and 3709. The weekly chart is positive but overbought with the five-week MMA at 4118 and the 200-week at 2947. My semiannual and annual value levels are 3930, 3920, 3471 and 3063 with the Jan. 22 multiyear intraday high at 4246.55 and monthly and quarterly risky levels at 4267 and 4274. NASDAQ 100 (NDX) (3614) has a positive but overbought daily chart with the 21-day, 50-day and 200-day SMAs at 3575, 3503 and 3183. The weekly chart is positive but overbought with the five-week MMA at 3530 and the 200-week at 2543. My semiannual and annual value levels are 3458, 3456, 3078 and 2669 with a monthly pivot at 3629, the Jan. 22 multiyear intraday high at 3634.65 and quarterly risky level at 3714. Dow Transports (7570) has a positive but overbought daily chart with the 21-day, 50-day and 200day SMAs at 7401, 7271 and 6661. The weekly chart is positive but overbought with the five-week MMA at 7332 and the 200-week at 5366. My semiannual, monthly, quarterly and annual value levels are 7376, 7245, 7327, 7086, 6249 and 5935 with the Jan.23 all-time intraday high at 7591.43. Russell 2000 (1172.40) has a positive but overbought daily chart with the 21-day, 50-day and 200day SMAs at 1162.36, 1137.66 and 1051.33. The weekly chart is positive but overbought with the fiveweek MMA at 1149.87 and the 200-week SMA at 832.85. My semiannual and annual value levels are 1133.29, 1130.79, 966.72 and 879.39 with a quarterly pivot at 1180.35, the Jan. 22 all-time intraday high at 1182.04, and monthly risky level at 1200.55. The SOX (541.49) has a positive but overbought daily chart with the 21-day, 50-day and 200-day SMAs at 533.68, 519.43 and 484.93. The weekly chart is positive but overbought with the five-week MMA at 526.18 and the 200-week SMA at 410.92. My semiannual and annual value levels are 490.52, 371.58 and 337.74 with quarterly, weekly and monthly pivots at 536.98, 544.30 and 544.70, the Jan. 22 multiyear intraday high at 547.92, and semiannual risky level at 548.36. Dow Utilities - (496.88) has a positive but overbought daily chart with the 21-day, 50-day and 200-day SMAs at 489.79, 489.95 and 494.60. The weekly chart is positive with the five-week MMA at 491.09 with the 200-week SMA at 447.59. My monthly value level is 440.53 with quarterly and annual pivots at 496.84 and 497.53 and semiannual and annual risky levels at 504.74, 524.37 and 548.70. To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact me at RSuttmeier@gmail.com.