The S&P 500, Nasdaq And Semiconductors Have Negative Weekly Charts

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The Dow Jones Industrial Average (DJI) has a neutral weekly chart. The S&P 500 Index (SPX), Nasdaq Composite (IXIC) and the Philadelphia Semiconductor Index (SOX) have negative weekly charts. The Dow Jones Transport Average (DJT) and the Russell 2000 Index (RUT) have positive weekly charts.

A negative chart has the average below its five-week modified moving averages with declining 12x3x3 weekly slow stochastic readings.  

Back on September 20 I wrote Here Are The Warning Flags Flying Over The Stock Market and reported that the Nasdaq was the last to set its all-time intraday high of 15,390.57 on September 7; the S&P 500 set its all-time high of 4,545.85 on September 2 and that the Dow 30 set its all-time high of 35,631.19 on August 16.

Most analysts on Wall Street still advise investors to be “fully invested” and “buy on the dips.” How can you buy on weakness when you are fully invested?

On September 24 I wrote the Monthly Chart For The Dow Shows Significant Long Term Downside Risk and highlighted this important chart.

The closes on September 30 provided inputs into my proprietary analytics and resulted in monthly levels for October and quarterly levels for the fourth quarter.

The Dow Jones Industrial Average (34,871) tested its 50-day simple moving average at 34,905 with its 200-day simple moving average at 33,511 on its daily chart. Its above its five-week modified moving average at 34,795 on its weekly chart. The weekly chart is neutral.

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The Dow 30 is above its annual, semiannual and quarterly value levels at 33,426, 33,989 and 33,045, respectively, with its monthly risky level at 37,751.

The S&P 500 Index (4,411.94) is below its 50-day simple moving average at 4,438.37 with its 200-day simple moving average at 4,157.93 on its daily chart. Its below its five-week modified moving average at 4,416.28 on its weekly chart. The weekly chart is negative.

SPX is above its semiannual and annual value levels at 4,137.20 and 3,932.35, respetively, with its quarterly pivot at 4,338.86 and monthly risky level at 4,730.17.

The Nasdaq Composite (14,651.57) is below its 50-day simple moving average at 14,879.62 with its 200-day simple moving average at 14,013.01 on its daily chart. Its below its five-week modified moving average at 14,779.93 on its weekly chart. The weekly chart is negative.

The Nasdaq is above its semiannual and annual value levels at 13,915 and 12,000, respectively, with its monthly and quarterly risky levels at 15,259 and 15,875.

The Dow Jones Transport Average (14,708.55) is above its 50-day and 200-day simple moving averages at 14,524 and 14,352 on its daily chart. Its above its five-week modified moving average at 14,562.01 on its weekly chart. The weekly chart is positive.

Transports is above its quarterly and semiannual pivots at 13,871 and 13,229, respectively, with its annual pivot at 14,424, and monthly risky level at 17,038.

The Russell 2000 Index (2,247.91) is above its 50-day and 200-day simple moving averages at 2,231.35 and 2,225.28, respectively, on its daily chart. It’s just above its five-week modified moving average at 2,242.41 on its weekly chart. Its 12x3x3 weekly stochastic reading is rising at 62.85. The weekly chart is positive.

The Russell 2000 is above its annual and semiannual value levels at 2,120 and 1,971, respectively, with its quarterly pivot at 2,184 and monthly risky level at 2,409.

The Philadelphia Semiconductor Index (3,270.34) is between its 50-day and 200-day simple moving averages at 3,358.18 and 3,169.63, respectively on its daily chart. It’s below its five-week modified moving average at 3323.49 on its weekly chart. Its 12x3x3 weekly stochastic reading is declining at 62.00. The weekly chart is negative.

The SOX is above its annual and semiannual value levels at 2,424 and 3,060 with its monthly and quarterly risky levels at 3,584 and 3,637, respectively.