8 Previews: Will Cisco Befriend Investors?
Stocks remain overvalued according to
Like the fundamentals the technicals are also getting stretched toward risky levels. The Dow Transportation Average tested my annual risky level at 2925 on Monday with my semiannual risky level looming at 5955. The Russell 2000 traded around my monthly pivot at 911.32.
The other major averages lag their risky levels. Weekly, monthly and semiannual risky levels are: 14,108; 14,132; and 14,323 Dow Industrials; and 1544.0; 1542.9; and 1566.9 S&P 500. Monthly and weekly risky levels are 3250 and 3264 and 3583 NASDAQ, and 948.81 and 965.51 Russell 2000.
The downside during the first quarter is to my quarterly pivots at 13,668 Dow Industrials, 1431.1 S&P 500 and 3071 NASDAQ. Other downside targets are my annual pivot at 5469 on Dow Transports, and my annual pivot at 860.25 on the Russell 2000. Sometime during the year the downside is to my annual value levels at 12,696 Dow Industrials, 1348.3 S&P 500, 2806 NASDAQ and 809.54 Russell 2000.
Reporting after the close on Tuesday, NETGEAR