7/31/2019 The Dow holds my annual pivot at 12,312 as May comes to a close.

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June 1, 2012 The Dow holds m y annual p ivot a t 12,312 as May com es to a c lose.

The Key Levels for the US Capi ta l Mar kets

10-Year Note (1.571) Daily, semiannual and monthly value levels are 1.681, 1.903 and 1.909 withquarterly and semiannual risky levels at 1.407 and 1.385.

Comex Gold ($1565.4) My annual value level is $1388.4 with daily, weekly and annual pivots at$1542.3, $1565.0 and $1575.8, and semiannual risky levels at $1635.8 and $1659.4. The 50-day and200-day simple moving averages are $1625.4 and $1689.5. Gold held the $1535 to $1525 area forthe third time since May 16th.

Nymex Crude Oil ($86.51) My semiannual value level is $79.83 with daily and weekly pivots at$88.47 and $92.64 and quarterly, annual and semiannual risky levels at $101.55, $103.58 and$104.84 and $108.53. Crude oil is below its 200-day SMA at $96.46.

The Euro (1.2363) My daily value level is 1.2280 with a weekly pivot at 1.2526, and monthly,

semiannual and quarterly risky levels at 1.2815, 1.2980 and 1.3366.We ended May with the five monthly charts neutral for the major equity averages the monthly closeswere below all five-week modified moving averages, but momentum is not declining yet. My annualvalue level for the Dow Industrials remains 12,312 with my quarterly risky levels at 12,794 DowIndustrials, 1337.7 S&P 500 and 2911 NASDAQ. To have additional upside we need a weekly close fothe S&P 500 my annual pivot at 1363.2. A weekly close below 12,312 on the Dow Industrials indicatesrisk to my NASDAQ annual value level at 2698.

Daily Dow:(12,393) The 200-day simple moving average is 12,251 with my annual value pivot at12,312, and my daily and quarterly risky levels at 12,581 and 12,794.

S&P 500 (1310.3) The 200-day simple moving average is 1284.1 quarterly, daily, annual, monthlyand annual risky levels at 1337.7, 1339.5, 1363.2, 1504.8 and 1562.9.

NASDAQ (2827) My annual value level is 2698 with the 200-day simple moving average at 2756,and daily, quarterly, annual and monthly risky levels at 2905, 2911, 3232 and 3248.

Dow Transports (5075) The 200-day simple moving average is 4950 with daily and quarterly riskylevels at 5256 and 5420, and the all time high set at 5627.85 on July 11, 2011.

Russell 2000 (761.82) The 200-day simple moving average is 755.99 with daily, quarterly andannual risky levels at 782.84, 829.34 and 836.15, and the all time high set at 868.57 on May 2, 2011.

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