Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Melbourne, FL.

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May 2, 2014 The technical tug-of-war continues and April payrolls could turn the tide.

The Nasdaq and Russell 2000 remain below their five-week modified moving averages at 4135 and 1145.62. Dow Industrials, S&P 500 and Dow Transports are above their five-week MMAs at 16274, 1850.7 and 7496. The Dow Industrial Average remains above its quarterly pivot at 16462 with the S&P 500 above its quarterly pivot at 1853.5 and the Nasdaq above its quarterly pivot at 4039. The Russell 2000 remains below its semiannual pivots at 1130.79 and 1133.29. To confirm a significant market top the major averages need to have weekly closes below semiannual pivots and value levels at 1764.4 S&P 500, 3920 Nasdaq and 7245 Dow Transports. The weeks value levels / pivots / risky levels are 16282 Dow Industrials, 1855.1 S&P 500, 4000 Nasdaq, 7713 Dow Transports and 1123.43 Russell 2000. Mays risky levels provide the levels at which to sell in May and walk away at; 17,407 Dow Industrials, 2006.7 S&P 500, 4581 Nasdaq, 8361 Dow Transports and 1261.38 Russell 2000. The major equity averages straddle quarterly levels at 16462 Dow Industrials, 1853.5 S&P 500, 4039 Nasdaq, 7407 Dow Transports and 1169.22 Russell 2000. Semiannual value levels are 3930 and 3920 Nasdaq with semiannual pivots at 16245 Dow industrials, 1797.3 and 1764.4 S&P 500, 7376 and 7245 Dow Transports, semiannual pivots at 1130.79 and 1133.29 Russell 2000 and a semiannual risky level at 16860 Dow industrials. Annual value levels are 14835 and 13467 Dow Industrials, 1539.1 and 1442.1 S&P 500, 3471 and 3063 Nasdaq, 6249 and 5935 Dow Transports and 966.72 and 879.39 Russell 2000, Dow Industrials: (16559) Weekly, semiannual and annual value levels are 16282, 16245, 14835 and 13467 with quarterly and daily pivots at 16462 and 16564, the April 4 all-time intraday high at 16631.63 and semiannual and monthly risky levels at 16860 and 17,407. S&P 500 (1883.7) Semiannual and annual value levels are 1797.3, 1764.4, 1539.1 and 1442.1 with quarterly, weekly and daily pivots at 1853.5, 1855.2 and 1882.8, the April 4 all-time intraday high at 1897.28 and monthly risky level at 2006.7. NASDAQ (4127) Quarterly, weekly, semiannual and annual value levels are 4039, 4000, 3930, 3920, 3471 and 3063 with a daily pivot at 4114, the March 6 multiyear intraday high at 4371.71 and monthly risky level at 4581. NASDAQ 100 (NDX) (3595) Weekly, semiannual, quarterly and annual value levels are 3447, 3458, 3456, 3424, 3078 and 2669 with a daily pivot at 3587, the March 6 multiyear intraday high at 3738.32,

and monthly risky levels at 3960. Dow Transports (7719) Quarterly, semiannual, and annual value levels are 7407, 7376, 7256, 7245, 6249 and 5935 with daily and weekly pivots at 7666 and 7713, the April 23 all-time intraday high at 7774.58 and monthly risky level at 8361. Russell 2000 (1125.97) Annual value levels are 966.72 and 879.39 with daily, weekly and semiannual pivots at 1121.39, 1123.43, 1133.29 and 1130.29 and a quarterly risky level at 1169.22, the March 4 all-time intraday high at 1212.82 and monthly risky level at 1261.38.. The SOX (573.86) Semiannual, quarterly and annual value levels are 548.36, 507.19, 490.52, 371.58 and 337.74 with daily and monthly pivots at 573.54 and 582.66, the April 3 multiyear intraday high at 601.40 and monthly risky level at 625.61. Dow Utilities: (555.54) Weekly, quarterly, semiannual and annual value levels are 547.31, 528.10, 524.37, 504.74 and 497.53, with annual and monthly pivots at 548.70 and 549.73, the April 30 all-time intraday high at 558.29 and daily risky level at 558.56. 10-Year Note (2.610) Our weekly value level is 2.745 with daily and monthly pivots at 2.619 and 2.616 and quarterly, annual and semiannual risky levels at 2.333, 2.263, 1.837 and 1.779. 30-Year Bond (3.410) Weekly and monthly value levels are 3.506 and 3.586 with a daily pivot at 3.395 and quarterly, annual and semiannual risky levels at 3.305, 3.283, 3.114, 3.107 and 2.624. Comex Gold ($1285.10) Quarterly and monthly value levels are $1215.7 and $1170.4 with a daily pivot at $1292.58 and weekly, semiannual and annual risky levels at $1312.3, $1747.4, $1818.8 and $1857.1. Nymex Crude Oil ($99.41) Daily, monthly and quarterly value levels are $97.15, $90.39 and $89.40 with a weekly pivot at $100.43 and semiannual and annual risky levels at $104.74 and $107.52. The Euro (1.3863) Annual, quarterly and semiannual value levels are 1.3382, 1.3185, 1.2642 and 1.2216 with daily and weekly pivots at 1.3881 and 1.3836, and monthly and annual risky levels at 1.4171 and 1.5512. The Dollar versus Japanese Yen (102.30) Annual and semiannual value levels are 93.38 and 85.57 with a daily pivot at 102.15 and weekly, monthly and quarterly risky levels at 102.90, 105.37 and 105.66. The British Pound (1.6890) Weekly, annual and quarterly value levels are 1.6631, 1.6262 and 1.6123 with a daily pivot at 1.6873 and a monthly risky level at 1.7556. To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact me at RSuttmeier@gmail.com.