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May 20, 2014 The Russel l 2000 r ebounds but st i l l r emai ns t he bi g st oc k mar ket dr ag.

The weekly charts for Dow Industrials, S&P 500 and Dow Transports are positive with five-week
modified moving averages at 16400, 1864.7 and 7629, respectively. The weekly charts for the Nasdaq
and Russell 2000 are negative with five-week MMAs at 4115 and 1129.02, respectively. Strength on
Monday has the Nasdaq above its five-week MMA as momentum stocks rebound.

The all-time intraday highs were set last Tuesday, May 13 at 16735.51 Dow Industrials, 1902.17 S&P
500 and 7918.92 Dow Transports. The Russell 2000 rebounded on Monday, but is still below its 200-
day simple moving average at 1117.03.

To confirm a significant market top the major averages need to have weekly closes below semiannual
pivots and value levels at 1764.4 S&P 500, 3920 Nasdaq and 7245 Dow Transports.

Favoring the bulls is the fact that Dow Industrials remain above its semiannual pivot at 16245, and its
quarterly pivot at 16462.

Favoring the bears is the fact that the Russell 2000 remains below its semiannual pivots at 1133.29
and 1130.79 with its quarterly pivot at 1169.22.

The weeks pivot is 16500 Dow Industrials with weekly value levels at 1862.8 S&P 500, 3908 Nasdaq,
7755 Dow Transports and 1055.03 Russell 2000.

The major equity averages straddle quarterly levels at 16462 Dow Industrials, 1853.5 S&P 500, 4039
Nasdaq, 7407 Dow Transports and 1169.22 Russell 2000.
Semiannual value levels are 3930 and 3920 Nasdaq with semiannual pivots at 16245 Dow industrials,
1797.3 and 1764.4 S&P 500, 7376 and 7245 Dow Transports, semiannual pivots at 1130.79 and
1133.29 Russell 2000 and a semiannual risky level at 16860 Dow industrials.
Annual value levels are 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and
3063 Nasdaq, 6249 and 5935 Dow Transports and 966.72 and 879.39 Russell 2000.
Dow Industrials: (16512) Semiannual and annual value levels are 16245, 14835 and 13467 with
quarterly and weekly pivots at 16462 and 16500, the May 13 all-time intraday high at 16735.51 and
daily, semiannual and monthly risky levels at 16620, 16860 and 17407.
S&P 500 (1885.1) Weekly, quarterly, semiannual and annual value levels are 1862.8, 1853.5,
1797.3, 1764.4, 1539.1 and 1442.1 with a daily risky level at 1889.7, the May 13 all-time intraday high
at 1902.17 and monthly risky level at 2006.7.
NASDAQ (4126) Quarterly, weekly, semiannual and annual value levels are 4039, 3908, 3930,

3920, 3471 and 3063 with a daily pivot at 4134, the March 6 multiyear intraday high at 4371.71 and
monthly risky level at 4581.

NASDAQ 100 (NDX) (3616) Weekly, semiannual, quarterly and annual value levels are 3445, 3458,
3456, 3424, 3078 and 2669 with a daily risky level at 3631, the March 6 multiyear intraday high at
3738.32, and monthly risky levels at 3960.

Dow Transports (7906) Weekly, quarterly, semiannual, and annual value levels are 7755, 7407,
7376, 7245, 6249 and 5935 with a daily risky level at 7959, the May 13 all-time intraday high at
7918.92 and monthly risky level at 8361.
Russell 2000 (1114.43) Weekly and annual value levels are 1055.03, 966.72 and 879.39 with daily
and semiannual pivots at 1111.53, 1133.29 and 1130.29, a quarterly risky level at 1169.22, the March 4
all-time intraday high at 1212.82 and monthly risky level at 1261.38.
The SOX (582.05) Weekly, semiannual, quarterly and annual value levels are 566.59, 548.36,
507.19, 490.52, 371.58 and 337.74 with a daily pivot at 583.58, the April 3 multiyear intraday high at
601.40 and monthly risky level at 625.61.

Dow Utilities: (529.74) Quarterly, semiannual, daily and annual value levels are 528.10, 524.37,
519.51, 504.74 and 497.53, with annual and monthly pivots at 548.70 and 549.73, a weekly risky level
at 555.42 and the April 30 all-time intraday high at 558.29.

10-Year Note (2.544) Monthly, weekly and daily pivots are 2.616, 2.526 and 2.559 with quarterly,
annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779.
30-Year Bond (3.390) Daily and monthly value levels are 3.559 and 3.586 with weekly, quarterly,
annual and semiannual risky levels at 3.302, 3.305, 3.283, 3.114, 3.107 and 2.624.
Comex Gold ($1293.2) Weekly, quarterly and monthly value levels are $1262.6, $1224.0, $1215.7
and $1170.4 with a daily pivot at $1298.8 and semiannual and annual risky levels at $1710.6, $1747.4,
$1818.8 and $1857.1.
Nymex Crude Oil ($102.64) Monthly and quarterly value levels are $90.39 and $89.40 with a daily
pivot at $102.42 and weekly, semiannual and annual risky levels at $103.99, $104.74 and $107.52.
The Euro (1.3710) Daily, annual, quarterly and semiannual value levels are 1.3555, 1.3382, 1.3185,
1.2642 and 1.2216 with weekly, monthly and annual risky levels at 1.3760, 1.4171 and 1.5512.

The Dollar versus Japanese Yen (101.39) Annual and semiannual value levels are 93.38 and
85.57 with a daily pivot at 101.53 and weekly, monthly and quarterly risky levels at 102.14, 105.37 and
105.66.

The British Pound (1.6820) Daily, annual and quarterly value levels are 1.6711, 1.6262 and 1.6123
with weekly and monthly risky levels at 1.7037 and 1.7556.

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me at RSuttmeier@gmail.com.