7/31/2019 The Dow Industrial Average tested my annual value level at 12,312.

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May 24, 2012 The Dow Indust r ia l Average test ed my annual val ue level at 12,312

US Capi t a l Market s

10-Year Note (1.738) My semiannual pivot is 1.903 with my monthly pivot at 1.734, the Sept 23 rd lowyield at 1.671 and weekly, quarterly and semiannual risky levels at 1.635, 1.407 and 1.385.

Comex Gold ($1548.4) My annual value level is $1525.8 with annual and weekly pivots at $1575.8and 1596.6, and semiannual pivots at $1635.8 and $1659.4. The 50-day and 200-day simple movingaverages remain in a Death Cross at $1633.0 and $1693.5.

Nymex Crude Oil ($89.90) My semiannual value level is $79.83 with a weekly pivot at $91.62 andquarterly, 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 $96.39. The 200-week simple moving average has beentested for about three years. Today the 200-week SMA is at $81.37. Crude traded to a new year todate low at $89.28 on Wednesday.

The Euro (1.2582) My monthly value level is 1.2257 with a weekly risky level at 1.2842, andsemiannual and quarterly risky levels at 1.2980 and 1.3366. The euro reached a new year to date lowat 1.2549 on Wednesday.

Daily Dow:(12,496) My annual value level at 12,312 was tested and held at Wednesdays low.My weekly, quarterly, monthly and annual risky levels are at 12,692, 12,794, 13,354 and 14,032.

S&P 500 (1318.9) My weekly, quarterly, annual and monthly risky levels at 1329.9, 1337.7, 1363.2and 1397.0. Weekly closes below 1363.2 proved to signal the downside to 12,312 on the Dow.

NASDAQ (2850) My annual value level is 2698 with weekly, quarterly, monthly and annual riskylevels at 2866, 2911, 3041 and 3232. This weeks risk level at 2866 was tested on Tuesday.

Dow Transports (5067) My semiannual value level is with the 200-day simple moving average at

4937, and weekly, monthly and quarterly risky levels at 5083, 5385 and 5420. The all time high wasset at 5627.85 on July 11, 2011. Wednesdays high was just a point below 5083.

Russell 2000 (765.17) My weekly pivot has been a magnet at 759.03 so far this week. The 200-day simple moving average is at 754.18 with monthly, quarterly and annual risky levels at 813.56,829.34 and 836.88. The all time high was set at 868.57 on May 2, 2011.

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