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

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May 30, 2012 Tuesdays rally was shy of my quarterly risky levels. The Key Levels for the US Capital Markets 10-Year Note (1.748) My semiannual pivot is 1.903 with monthly and daily pivots at 1.734 and 1.722, the Sept 23rd low yield at 1.671 and weekly, quarterly and semiannual risky levels at 1.556, 1.407 and 1.385. Comex Gold ($1556.4) My annual value level is $1525.8 with annual and weekly pivots at $1565.0 and $1575.8, and daily and semiannual risky levels at $1600.7, $1635.8 and $1659.4. The 50-day and 200-day simple moving averages are $1628.9 and $1691.6. Nymex Crude Oil ($90.82) Daily and semiannual value levels are $90.05 and $79.83 with a weekly pivot at $92.64 and quarterly, annual, semiannual and monthly risky levels at $101.55, $103.58, $104.84 and $108.53. Crude oil is below its 200-day SMA at $96.45. The Euro (1.2505) My monthly value level is 1.2257 with daily and weekly pivots at 1.2541 and 1.2526, and semiannual and quarterly risky levels at 1.2980 and 1.3366. The daily charts for the major equity averages are positive within the framework of negative weekly charts. My annual value level for the Dow Industrials is 12,312 with my quarterly pivots at 12,794 Dow Industrials, 1337.7 S&P 500 and 2911 NASDAQ. To negate the longer term sell signals the S&P 500 would have to have a weekly close above my annual pivot at 1363.2. The next objective to the downside is to my annual value level at 2698.

Daily Dow: (12,581) My annual value level at 12,312 was tested and held at last Wednesdays low. Weekly and daily value levels are 12,411 and 12,393 with quarterly, monthly and annual risky levels are at 12,794, 13,354 and 14,032. The 200-day simple moving average is 12,240. S&P 500 (1332.4) Daily and weekly value levels are 1309.6 and 1303.4 with quarterly, annual and monthly risky levels at 1337.7, 1363.2 and 1397.0. Weekly closes below 1363.2 provided the signal for the downside to 12,312 on the Dow. NASDAQ (2871) Daily, weekly and annual value levels are 2803, 2799 and 2698 with quarterly, monthly and annual risky levels at 2911, 3041 and 3232. A weekly close below 12,312 on the Dow targets 2698 on the NASDAQ. Dow Transports (5139) Weekly, daily and semiannual value levels are 5055, 4978 and 4407 with monthly and quarterly risky levels at 5385 and 5420. The all time high; 5627.85 set on July 11, 2011. Russell 2000 (777.16) Daily and weekly value levels are 756.40 and 748.79 with monthly, quarterly and annual risky levels at 813.56, 829.34 and 836.88. The all time high; 868.57 set on May 2, 2011.
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