Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.

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Jul y 2, 2014 New hi ghs c ont i nue and t he quar t er l y l evel on Tr anspor t s bec omes a pi vot .

All equity averages I cover set new all-time or multiyear highs on Tuesday except Dow Utilities.

The Russell 2000 is well above its weekly value level at 1174.78 with the Nasdaq above its weekly
pivot at 4407. Dow Industrials and S&P 500 traded above their weekly pivot at 16987 and 1974.6, but
closed below them. Dow Transports is between is quarterly pivot at 8256 below its weekly risky level at
8405.

The weekly charts are positive but overbought with the Russell 2000 still showing rising 12x3x3 weekly
slow stochastics. The key to continuing to set new multiyear or all-time intraday highs are weekly
closes above the five-week modified moving averages at 16720 Dow Industrials, 1925.1 S&P 500,
4275 Nasdaq, 8006 Dow Transports and 1159.15 Russell 2000.

Semiannual value levels are 16301 Dow Industrials, 1789.3 S&P 500, 3972 Nasdaq, 7423 Dow
Transports and 1139.81 Russell 2000.

Monthly, quarterly and semiannual risky levels are 17364, 17753, 18522 Dow Industrials, 1994.2,
2052.2 and 2080.3 S&P 500, 4529, 4569 and 4642 Nasdaq, 8365 and 8447 Dow Transports and
1215.89, 1293.11 and 1285.37 Russell 2000.

Regardless of the upside potential there is risk to annual value levels in the second half of 2014 at
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: (16956) Daily, semiannual and annual value levels are 16858, 16301, 14835 and
13467 with a weekly pivot at 16987, the J uly 1 all-time intraday high at 16998.70 and monthly,
quarterly and semiannual risky levels at 17364, 17753 and 18552.
S&P 500 (1973.3) Semiannual and annual value levels are 1789.3, 1539.1 and 1442.1 with daily
and weekly pivots at 1965.0 and 1974.6, the J uly 1 all-time intraday high at 1978.58 and monthly,
quarterly and semiannual risky levels at 1994.2, 2052.3 and 2080.3.
NASDAQ (4459) Weekly, semiannual and annual value levels are 4407, 3972, 3471 and 3063 with a
daily pivot at 4434, the J uly 1 multiyear intraday high at 4471.60 and monthly, quarterly and
semiannual risky levels at 4529, 4569 and 4642.

NASDAQ 100 (NDX) (3894) Semiannual and annual value levels are 3515, 3078 and 2669 with
daily, weekly and quarterly pivots at 3876, 3883 and 3894, the J uly 1 multiyear intraday high at
3902.93, and monthly and semiannual risky levels at 3936 and 4105.

Dow Transports (8262) Daily, semiannual and annual value levels are 8185, 7423, 6249 and 5935

with a quarterly pivot at 8256, the J uly 1 all-time intraday high at 8295.29 and monthly, weekly and
semiannual risky levels at 8365, 8405 and 8447.
Russell 2000 (1205.94) Daily, weekly, semiannual and annual value levels are 1194.71, 1174.78,
1139.81, 966.72 and 879.39 with the J uly 1 all-time intraday high at 1213.55, and monthly, semiannual
and quarterly risky levels at 1215.89, 1285.37 and 1293.11.
The SOX (644.71) Daily, quarterly, semiannual and annual value levels are 635.09, 626.96, 608.02,
512.94, 371.58 and 337.74 with weekly and monthly pivots at 642.33 and 642.34, and the J uly 1
multiyear intraday high 647.31.

Dow Utilities: (570.85) Monthly, weekly, annual, quarterly, semiannual and annual value levels are
563.44, 558.20, 548.70, 536.44, 523.72 and 497.53, with a daily pivot at 569.34, the J une 30 all-time
intraday high at 576.98 and semiannual risky level at 612.49.

10-Year Note (2.568) Monthly and quarterly value levels are 2.787 and 3.048 with a weekly pivot at
2.530 and daily, annual and semiannual risky levels at 2.501, 2.263, 1.999 and 1.779.
30-Year Bond (3.401) Monthly and quarterly value levels are 3.486 and 3.971 with a weekly pivot at
3.423 and daily, annual and semiannual risky levels at 3.311, 3.283, 3.107 and 3.082.
Comex Gold ($1327.7) Weekly, quarterly and monthly value levels are $1281.1, $1234.6 and
$1233.8 with a daily pivot at $1325.0, and semiannual and annual risky levels at $1613.0, $1738.7,
$1747.4 and $1818.8.
Nymex Crude Oil ($105.41) No value levels with monthly and daily pivots at $105.23 and $105.63
and semiannual, annual, weekly and quarterly risky levels at $106.48, $107.52, $108.45 and $113.12..
The Euro (1.3680) Weekly, annual and semiannual value levels are 1.3415, 1.3382 and 1.2203 with
a daily pivot at 1.3672 and monthly, quarterly, semiannual and annual risky levels at 1.3819, 1.4079,
1.4617 and 1.5512.

The Dollar versus Japanese Yen (101.54) My annual value level is 93.38 with daily and weekly
pivots at 101.45 and 101.42 and monthly and quarterly risky levels at 106.47 and 112.83.

The British Pound (1.7153) Weekly, quarterly and annual value levels are 1.6935, 1.6874 and
1.6262 with a daily pivot at 1.7073 and semiannual and monthly risky levels at 1.7302 and 1.7438.

To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact
me at RSuttmeier@gmail.com.