Capital Markets Wrap-Up

NEW YORK (TheStreet) -- The yield on the U.S. Treasury 10-year note tested 1.44% on Monday vs. its all-time low at 1.439% set on June 1. Comex gold continued to trade back and forth around my annual pivot at $1,575.8 the Troy ounce.

Nymex crude oil prices continued to rebound and nearly tested $93 a barrel on Thursday. The euro vs. the dollar, which had been declining since May 2011, moved sideways to up this week from a low of 1.2178 on Monday to 1.2320 on Thursday.

Unless there's a significant selloff today, the major equity averages will close above their five-week modified moving averages today, which keeps the weekly chart profiles positive.

Analysis of the yield on the 10-Year Treasury Note (1.513): The weekly chart below shows that the decline in yield is overdone with the five-week modified moving average at 1.607. The 200-week simple moving average at 2.911 defines the trend toward lower yields that began in 2007, when the yield declined below that average.

My quarterly value level is 1.869 with a monthly pivot at 1.568 and semiannual risky level at 1.389. My annual value level is 2.502.

Chart Courtesy of Thomson/Reuters

Analysis of Comex Gold ($1,581.1): The weekly chart for gold shows rising momentum; a close Friday above the five-week modified moving average at $1,596.4 is required to shift the weekly chart profile to positive from neutral.

My annual pivot at $1,575.8 provided a stabilizing force on Tuesday, Wednesday and Thursday. I am not in the camp that gold sees a new all-time high above $1,923.70 set in September 2011.

My annual value level is $1,388.40 with annual and monthly pivots at $1,575.80 and $1,578.30 and semiannual risky levels at $1,643.30 and $1,702.50. A quarterly risky level is at $1,805.80.

Chart Courtesy of Thomson/Reuters