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(Drew Angerer photo)
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The technicals for the six major averages I track on a weekly basis are mixed. The weekly charts of the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are optimistic yet overbought. The weekly charts of the Russell 2000 Index (RUT) and the Philadelphia Semiconductor Index (SOX) are both bullish. The Dow Jones Industrial Average (DJI) has a weekly chart that is neutral. The Dow Jones Transport Average (DJT) displays a weekly chart that is negative. The only average that is below its 50-day simple moving average is the transportation average.
According to my proprietary statistics, the June 30 closing resulted in new monthly, quarterly, and semiannual levels. The annual levels are unchanged.

Global Market Consultants’ Scorecard for the Major Equity Averages

The Dow Jones Industrial Average (34,587) is trading higher than its five-week modified moving average of 34,190, but the 12x3x3 weekly slow stochastic reading is falling to 63.99. Its monthly risky level is 38,287, while its annual, semiannual, and quarterly value levels are 33,425, 32,997, and 31,968, respectively.
The S& This is a parabolic bubble that is inflating. The values for the quarter, year, and half-year are 4,075, 3,032, and 3,810, respectively.
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Refinitiv S&P 500 Weekly Chart

The Nasdaq Composite (14,470.54) is trading above its five-week modified moving average of 14,031.11 and its 12x3x3 weekly slow stochastic reading of 84.58, indicating that it is overbought. Its semiannual and annual value levels are 12,465 and 12,000, respectively, with a quarterly pivot of 14,447 and a monthly dangerous level of 16,047, respectively.
The Dow Jones Transportation Average (15,016.78) is trading below its five-week modified moving average of 15,116.94, with a weekly slow stochastic reading of 46.35. Its monthly risky level is 16,864 while its annual, semiannual, and quarterly value levels are 14,424, 13,258 and 13,160, respectively.
With its 12x3x3 weekly slow stochastic reading climbing to 72.94, the Russell 2000 Index (2,326.09) is above its five-week modified moving average of 2,287.51. Its monthly risky level is 2,782, while its annual, quarterly, and semiannual value levels are 2,120, 2,013, and 1,921, respectively.
With its 12x3x3 weekly slow stochastic reading climbing to 75.01, the Philadelphia Semiconductor Index (3,301.71) is above its five-week modified moving average of 3,194.43. Its semiannual and annual value levels are 2,727 and 2,424 respectively, with dangerous levels of 3,378 and 3,870 respectively./nRead More

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