Key Levels For The Stock Market For The Rest Of October

The Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) gapped above their 50-day simple moving averages on October 15 and have positive weekly charts. The Nasdaq Composite (IXIC) gapped above its 50-day SMA on October 18 and has a neutral weekly chart.

The Dow Jones Transport Average (DJT) is well above its 50-day SMA and has a positive weekly chart. The Russell 2000 Index (RUT) is above its 50-day and 200-day SMAs which are converged at 2,236.93 and 2,236.41. This week’s strength is preventing the formation of a death cross.

The Philadelphia Semiconductor Index (SOX) held its 200-day SMA at 3,171.51 on October 12. It’s now above its 50-day SMA at 3,343.00. Its weekly chart is now neutral, not negative.

The monthly risky levels are 37,751 on the Dow 30; 4,730.17 on the S&P 500; 15,259 Nasdaq; 17,038 on Dow Transports; 2,409 on the Russell 2000; and 3,584 on the SOX.

The Monthly Chart for the S&P 500

This is a monthly chart for the S&P 500 going back to the crash of 1987. This is shown in the bottom left corner of the chart. The long-term uptrend goes through the low of March 2009. The green line in the chart is the 120-month simple moving average. The crash of 2007 – 2009 pushed the S&P below this key moving average. Breaking out above the 120-month SMA in November 2011 began the parabolic rise that may have peaked over the last four months.

The horizontal lines at the upper right of the chart are annual, semiannual and quarterly value levels at 3,932, 4,137 and 4,338, respectively. The monthly risky level for October is above the chart at 4,730.

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