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Stock Market Begins Second Half With Mixed Technicals

The weekly charts for the six major averages I follow have mixed technicals. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have positive but overbought weekly charts. The Russell 2000 Index (RUT) and Philadelphia Semiconductor Index (SOX) have positive weekly charts. The Dow Jones Industrial Average (DJI) has a neutral weekly chart. The Dow Jones Transport Average (DJT) has a negative weekly chart.

The transport average is the only one below its 50-day simple moving average.

The closes on June 30 resulted in new monthly, quarterly, and semiannual levels from my proprietary analytics. The annual levels remain the same.

The Dow Jones Industrial Average (34,587) is above its five-week modified moving average at 34,190 with its 12x3x3 weekly slow stochastic reading declining at 63.99. Its annual, semiannual and quarterly value levels are 33,425, 32,997 and 31,968, respectively, with its monthly risky level at 38,287.

The S&P 500 Index (4,308.79) is above its five-week modified moving average at 4,217.50 with its 12x3x3 weekly slow stochastic reading overbought at 90.44. This is an inflating parabolic bubble. Its quarterly, annual and semiannual value levels are 4,075, 3,032 and 3,810, respectively.

The Nasdaq Composite (14,470.54) is above its five-week modified moving average at 14,031.11 with its 12x3x3 weekly slow stochastic reading overbought at 84.58. Its semiannual and annual value levels are 12,465 and 12,000 with a quarterly pivot at 14,447 and monthly risky level at 16,047.

The Dow Jones Transport Average (15,016.78) is below its five-week modified moving average at 15,116.94 with its 12x3x3 weekly slow stochastic reading declining at 46.35. Its annual, semiannual and quarterly value levels are 14,424, 13,258 and 13,160, respectively, with its monthly risky level at 16,864.

The Russell 2000 Index (2,326.09) is above its five-week modified moving average at 2,287.51 with its 12x3x3 weekly slow stochastic reading rising at 72.94. Its annual, quarterly and semiannual value levels are 2,120, 2,013 and 1,921, respectively, with its monthly risky level at 2,782.

The Philadelphia Semiconductor Index (3,301.71) is above its five-week modified moving average at 3,194.43 with its 12x3x3 weekly slow stochastic reading rising at 75.01. Its semiannual and annual value levels are 2,727, and 2,424 with its quarterly, and monthly risky levels at 3,378 and 3,870.

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