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New Highs For The Dow And S&P As Weekly Charts Remain Positive

We are in the last week of October and all weekly charts are positive. There will be new monthly risky levels next week as the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) continue to set new all-time intraday highs.

The Dow Jones Industrial Average is above its 50-day simple moving average with a positive weekly chart. Its quarterly, semiannual and annual value levels are 33,045, 33,989 and 33,425, respectively, with its monthly risky level at 37,751.

The S&P 500 Index is also above its 50-day SMA with a positive weekly chart. Its quarterly, semiannual and annual value levels are 4,338.86, 4,125.43 and 3,932.35, respectively, with its monthly risky level at 4,730.17.

The Nasdaq Composite (IXIC) is also above its 50-day SMA with a positive weekly chart. Its semiannual and annual value levels are 13,915 and 12,000 with monthly and quarterly risky levels at 15,259 and 15,875.

The Dow Jones Transport Average (DJT) is well above its 50-day SMA with a positive weekly chart. Its quarterly, semiannual and annual value levels are 13,871, 13,229 and 14,424, respectively, with its monthly risky level at 17,038.

The Russell 2000 Index (RUT) is above its 50-day and 200-day SMAs, which are converged at 2,239.37 and 2,238.41. Recent strength is preventing the formation of a death cross. The weekly chart is positive. Its quarterly, semiannual and annual value levels are 2,184.47, 1,971.18 and 2,120.34, respectively, with its monthly risky level at 2,409.98.

The Philadelphia Semiconductor Index (SOX) is also above its 50-day and 200-day SMAs. Its weekly chart is positive. Its semiannual and annual value levels are 3,060.65 and 2,424.98 with its monthly and quarterly risky levels at 3,484.89 and 3,637.41, respectively.

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