SOX Rebounds, but Remains Below its 50-day at 445.34

8/7/2019 SOX Rebounds, but Remains Below its 50-day at 445.34

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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.

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Apri l 6, 2011 SOX Rebounds , but Remains Be low i t s 50-day at 445.34

The key to sustaining gains is not only a rally in the Philadelphia Semiconductor Index (SOX),

but also seeing the S&P 500, the NASDAQ and the NASDAQ 100 (NDA) above their February18th highs at 1344.07 SPX, 2840.51 NASDAQ, and 2403.52 NDA. Meanwhile all daily charts areextremely overbought except the SOX.

Stocks Remain Overvalued Fundamentally We are operating under a ValuEngine ValuationWatch with more than 60% of all stocks overvalued. Today 62.5% of all stocks are overvalued. Inaddition all 16 sectors are overvalued with 8 by double-digit percentages. A ValuEngine ValuationWarning occurs when more than 65% of all stocks are overvalued. This last occurred at the mid-February highs.

10-Year Note (3.493) The 10-Year yield has been oscillating around its 50-day simple movingaverage at 3.469. Daily, annual and quarterly value levels are 3.516, 3.796 and 4.016 with weekly and

monthly risky levels at 3.275 and 3.181.

Courtesy of Thomson / Reuters


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Comex Gold ($1457.9) Gold traded to a new all time high overnight at $1460.2, above mysemiannual pivot at $1452.6. Daily and annual value levels are $1438.1 and $1356.5 with semiannual

pivot at $1452.6, and weekly, quarterly and monthly risky levels at $1473.0, $1523.7 and $1559.9.


Nymex Crude Oil ($107.89) The daily chart is overbought with a new high for the move at $108.78set on Monday. My annual and monthly value levels are $101.92, $101.09 and $99.91 with daily and

semiannual pivots at $107.45 and $107.14, and weekly and quarterly risky levels at $110.68, $114.27and $120.52.



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The Euro (1.4221) The 21-day simple moving average is support at 1.4073 with daily and monthlypivots at 1.4154 and 1.4170 and quarterly and weekly risky levels at 1.4308 and 1.4328.


Daily Dow: (12,394) Weekly, annual and semiannual value levels are 12,317, 11,491, 10,959, and9,449 with monthly, daily, quarterly and annual risky levels at 12,481, 12,481, 13,774 and 13,890.



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Key Levels for the Other Major Equity Averages All major equity averages are overbought ontheir daily charts except for the Philadelphia Semiconductor Index (SOX), which has a neutral daily

chart. The SOX is below its 50-day simple moving average at 445.37.


S&P 500 (1332.6) My weekly pivot is 1328.1 with the February 18th high at 1344.07, and daily andmonthly risky levels at 1341.0. and 1360.0. My quarterly value level is 1277.7.

NASDAQ (2791) My weekly pivot is 2762 with a daily pivot at 2808, the February 18 th high at2840.51, and monthly risky level at 2898.

NASDAQ 100 (NDX) (2328) My weekly pivot is 2329 with the February 16th high at 2403.52, anddaily, monthly, annual and quarterly risky levels at 2344, 2477, 2590 and 2685.

Dow Utilities (413.88) My semiannual value level is 397.84 with weekly and daily pivots at 412.49and 416.53 and monthly and quarterly risky levels at 423.25 and 448.17.

Dow Transports (5343) My annual, weekly and monthly pivots are 5179, 5341 and 5371 with dailyrisky level at 5436. The high for the move is 5404.33 set on Friday, April 1st.

Russell 2000 (853.31) Annual and quarterly value levels are 784.16 and 778.81 with a weekly pivotat 848.50, and daily and monthly risky levels at 863.30 and 856.67. Set a new high for the move onTuesday at 858.05.

The SOX (438.78) My weekly pivot is 427.31 with a daily pivot at 436.43, the 50-day simple movingaverage at 445.34, and monthly, quarterly and annual risky levels at 452.34, 498.75 and 531.14.


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Thats todays Four in Four. Have a great day.

Richard Suttmeier

Chief Market StrategistValuEngine.com(800) 381-5576

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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.comI have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters awell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the

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SOX Rebounds, but Remains Below its 50-day at 445.34

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