Transports Lead The Major Equity Averages In October

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The Dow Jones Transportation Average has been setting new all-time intraday highs so far in October. The latest high is 11,997.41, which was set on October 15. The Dow Jones Industrial Average is 3.3% below its all-time intraday high of 29,568.57, set on February 12.

The S&P 500 held its semiannual pivot at 3,442.1 on October 15. I do not show a risky level at this time. This index is 2.9% below its all-time intraday high of 3,588.11 set on September 2.

The Nasdaq Composite is well above its monthly and semiannual value levels at 10,752 and 10,639 with no risky levels. Its 3.3% below its all-time intraday high of 12,074.07 set on September 2.

The Russell 2000 is well above its quarterly and monthly value levels at 1,249.33 and 1,237.78. Its 6.2% below its all-time intraday high of 1,742.09 set on August 31, 2018.

Here is the scorecard for the major equity averages:

Transports Lead with All-Time Highs

Scorecard for the Major Equity Averags

Global Market Consultants

The weekly chart for the Dow Jones Industrial Average is positive with the index above its five-week modified moving average at 27,883. Its 12-week slow stochastic reading rose to 66.33 last week, up from 63.64 on October 9. The Dow is well above its 200-week simple moving average at 24,758. The Dow has quarterly and monthly value levels at 25,676 and 23,586 with a weekly pivot at 28,240 and annual and semiannual risky levels at 29,964 and 31,002.

The weekly chart for the S&P 500 is positive with the index above its five-week modified moving average at 3,384.0. Its 12-week slow stochastic reading rose to 60.77 last week, up from 59.13 on October 9. It’s well above its 200-week simple moving average at 2,787.7. The S&P has quarterly and monthly value levels at 3,064.1 and 3,017.4 with weekly, semiannual, and annual pivots at 3,422.2, 3,442.1, and 3,466.5, respectively.

Positive weekly chart

Weekly Chart for the S&P 500

Refinitiv

The weekly chart for the Nasdaq Composite is positive with the index above its five-week MMA at 11,186.1. Its 12-week slow stochastic reading rose to 59.67 last week, up from 56.75 on October 9. It’s well above its 200-week simple moving average at 7,709.8. The Nasdaq has quarterly and annual value levels at 9,606 and 9,352 with semiannual, monthly and weekly pivots at 10,639, 10,752 and 11,259. The Nasdaq set its all-time intraday high of 12,074.07 on September 2.

The weekly chart for Transports is positive but overbought. This average is above its five-week MMA at 11,302.8. The 12-week slow stochastic reading rose to 90.08. up from 89.80 on October 9. This reading is above the 90.00 threshold, as an inflating parabolic bubble formation. Transports traded to an all-time intraday high of 11,997.4 on October 16. Its monthly and quarterly value levels are 8,829 and 8,769 with weekly, semiannual and annual risky levels at 12,029, 12,169 and 12,755, respectively.

The weekly chart for the Russell 2000 is positive with the average above its five-week MMA at 1,558.68. The 12-week slow stochastic reading rose to 73.26 last week, up from 66.98 on October 9. It’s above its 200-week simple moving average or reversion to the mean at 1,505.00. The small-cap index set its all-time intraday high of 1,742.09 on August 31, 2018. Its weekly, quarterly, and monthly value levels are 1,573.54, 1,249.33 and 1,237.78 with semiannual and annual risky levels at 1,829.72 and 1,910.58.

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