The major equity averages began April and the second quarter with risky levels for April. The monthly risky level for the Dow Jones Industrial Average (.DJI) was 33,535 and this level was exceeded on Monday with a new all-time intraday high at 33,617.95.
The S&P 500 (.SPX) had a monthly risky level for April at 4,058. This level was penetrated and held on Monday and Tuesday morning’s high is 4,086.23.
The Nasdaq Composite (.IXIC) has a monthly risky level for April at 14,076. The Nasdaq remains below this key level. The all-time intraday high of 14,175.12 was set on February 16.
The Dow Jones Transportation Average (.DJT) has a monthly risky level for April at 15,152. Transports remains below this key level with Monday’s all-time intraday high of 14,980.07.
The Russell 2000 Index (.RUT) has a monthly risky level at 2,324. The small-cap index remains below this key level after setting an all-time intraday high of 2,360.17 on March 15.
My key trading levels come from my proprietary analytics from my “Black Box Tool.’’ There are monthly risky levels (now pivots for the Dow, S&P and Transports) for April and quarterly value levels for the second quarter. Every stock ticker and index has monthly, quarterly, semiannual and annual levels. A level below where a market is trading is called a value level at which to “‘to buy on weakness.”’ A level above where a market is trading is caused a risky level at which “to sell on strength.”
Here’s today’s scorecard:
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