(Photo by Kena Betancur)
The Dow Jones Industrial Average, Nasdaq Composite, Dow Jones Transport Average and Russell 2000 Index have negative weekly charts. The S&P 500 Index has a neutral weekly chart.
The Philadelphia Semiconductor Index has a positive but overbought weekly chart. A decline of just 41 points or more will downgrade this weekly chart to negative for next week.
Here is the analysis of the weekly charts:
The Dow Jones Industrial Average (35,365) set its all-time intraday high of 36,565.73 on November 8. It’s 3.3% below this high and up 15.5% from its March 2000 low of 18,213.65.
The weekly chart is negative with the average below its five-week modified moving average at 35,396. The 12x3x3 weekly slow stochastic reading is declining at 60.48. Its semiannual, annual and quarterly value levels are 34,846, 33,425 and 33,045, respectively, with its monthly risky level at 36,314.
The S&P 500 Index (4,620.64) set its all-time intraday high of 4,743.83 on November 22. It’s 2.6% below this high and up 23% from its March 2000 low of 12,191.86.
The weekly chart is neutral with the index just above its five-week modified moving average at 4,607.51. The 12x3x3 weekly slow stochastic reading is declining at 77.52. Its quarterly, semiannual and annual value levels are 4,338, 4,137 and 3,932, respectively, with its monthly risky level at 4,837.
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The Nasdaq Composite (15,169.68) set its all-time intraday high of 16,212.23 on November 22. It’s 6.4% below this high and up 17.7% from its March 2000 low of 6,631.42.
The weekly chart is negative with the average below its five-week modified moving average at 15,391.18. The 12x3x3 weekly slow stochastic reading is declining at 66.77.
Its semiannual and annual value levels are 13,855 and 12,000, respectively, with a quarterly pivot at 15,875 and monthly risky level at 16,346.
The Dow Jones Transport Average (15,828) set its all-time intraday high of 18,246.51 on November 2. It’s 13.2% below this high and up 26.6% from its March 2000 low of 6,481.20.
The weekly chart is negative with the average below its five-week modified moving average at 15,992. The 12x3x3 weekly slow stochastic reading is declining at 55.89. Its annual, quarterly and semiannual value levels are 14,424, 13,871 and 13,130, respectively, with a monthly pivot at 15,745.
The Russell 2000 Index (2,173.93) set its all-time intraday high of 2,458.86 on November 12. It’s 11.6% below this high and up 10% from its March 2000 low of 966.22.
The weekly chart is negative with the average below its five-week modified moving average at 2,247.51. The 12x3x3 weekly slow stochastic reading is declining at 35.65. Its annual and semimanual value levels are 2,120 and 2,095, respectively, with a quarterly pivot at 2,184, and a monthly pivot at 2,278. The annual value level at 2,120 has been tested several times in 2021.
The Philadelphia Semiconductor Index (3,761) set its all-time intraday high of 4,002.16 on December 7. It’s 6% below this high and up 34.5% from its March 2000 low of 1,233.97.
The weekly chart is positive but overbought with the index just above its five-week modified moving average at 3,721.47. The 12x3x3 weekly slow stochastic reading is overbought at 81.60. A close this week below its five-week MMA at 3,721.47 will downgrade this chart to negative.
