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Oc t . 13, 2014 Al l f i ve maj or aver ages ended l ast week w i t h negat i ve week l y c har t s.

Last week ended with the September 19 all-time or multiyear highs confirmed as cycle highs for the
five major averages. In addition on Friday, Dow Industrials, Nasdaq and Dow Transports joined the
Russell 2000 below their 200-day simple moving averages.

The S&P 500 closed just a point above its 200-day SMA at 1905.2 with Dow Transports above its 200-
day SMA at 7880. The other 200-day simple moving averages are 16593 Dow Industrials, 4300
Nasdaq and 1149.64 Russell 2000.

A huge economic warning occurred on Friday when the PHLX Semiconductor index (SOX) gapped
below its 200-day SMA at 594.28. This is a significant stock market warning as this index has been
above its 200-day SMA since Dec. 31, 2012 when the average was 387.42.

All five major equity averages are below their five-week modified moving averages at 16928 Dow
Industrials, 1966.0 on S&P 500, 4461 Nasdaq, 8344 Dow Transports and 1122.73 Russell 2000 with
declining 12x3x3 weekly slow stochastics. This is a full-fledged sell signal.

From their highs the Russell 2000 and PHLX Semiconductor Index (SOX) ended the week in
correction territory down13.2% and 14.9%, respectively.

The all-time or multiyear intraday highs are 17350.84 (Sept. 19) Dow Industrials, 2019.26 (Sept. 19)
S&P 500, 4610.57 (Sept 19) Nasdaq, 8714.94 (Sept. 19) Dow Transports, and 1213.55 (J uly 1)
Russell 2000).

This weeks risky levels are 17274 Dow Industrials, 1991.3 S&P 500, 4510 Nasdaq, 8487 Dow
Transports and 1112.36 on the Russell 2000.

Monthly and quarterly risky levels are 17779 and 18045 Dow Industrials, 2079.2 and 2094.6 S&P 500,
4609 and 4713 Nasdaq, 8790 and 9418 Dow Transports and 1159.82 and 1292.59 on Russell 2000.

Semiannual and annual value levels will remain at 16301, 14835 and 13437 Dow Industrials, 1789.3,
1539.1 and 1442.1 S&P 500, 3972, 3471 and 3063 Nasdaq, 7423, 6249 and 5935 Dow Transports
and 966.72 and 879.39 Russell 2000.

Semiannual risky levels remain at 18522 Dow Industrials, 2080.3 S&P 500, 4642 Nasdaq and 1285.37
on the Russell 2000. Semiannual pivots remain at 8447 Dow Transports and 1139.81 Russell 2000.

Dow Industrials: (16544) Semiannual and annual value levels are 16,636, 16310, 14835 and 13467
with a weekly risky level at 17,274, the Sept. 19 all-time intraday high at 17350.64 and monthly,

quarterly and semiannual risky levels at 17779, 18045 and 18552.
S&P 500 (1906.1) Semiannual and annual value levels are 1789.3, 1539.1 and 1442.1 with a weekly
risky level at 1991.3, the Sept. 19 all-time intraday high at 2019.26, and monthly, quarterly and
semiannual risky levels at 2079.2, 2094.2 and 2080.3.
NASDAQ (4276) Semiannual and annual value levels are 3972, 3471 and 3063 with weekly and
monthly risky levels at 4510 and 4609, the Sept. 19 multiyear intraday high at 4610.57 and semiannual
and quarterly risky levels at 4691 and 4713.

NASDAQ 100 (NDX) (3871) Semiannual and annual value levels are 3515, 3078 and 2669 with
quarterly, weekly and semiannual risky levels at 4033, 4060 and 4105, the Sept. 19 multiyear intraday
high at 4118.91, and monthly risky level at 4152.

Dow Transports (7893) Semiannual and annual value levels are 7423, 6249 and 5935 with
semiannual and weekly risky levels at 8447 and 8487, the Sept. 19 all-time intraday high at 8714.94,
and monthly and quarterly risky levels at 8790 and 9418.
Russell 2000 (1053.32) Annual value levels are 966.72 and 879.39 with weekly, semiannual and
monthly risky levels at 1112.36, 1139.81 and 1159.82, the J uly 1 all-time intraday high at 1213.55 and
semiannual and quarterly risky levels at 1285.37 and 1292.59.
The SOX (561.40) Semiannual and annual value levels are 512.94, 371.58 and 337.74 with
semiannual and weekly risky levels at 608.02 and 623.16, the Sept. 19 multiyear intraday high 659.64,
and quarterly and monthly risky levels at 687.65 and 691.22.

Dow Utilities: (561.67) Semiannual and annual value levels are 523.72 and 497.53 with annual and
quarterly pivots at 548.70 and 553.35, a weekly risky level at 666.99, the J une 30 all-time intraday high
at 576.98, and monthly and semiannual risky levels at 589.67 and 612.49.
10-Year Note (2.291) Weekly and quarterly value levels are 2.537 and 3.258 with a monthly pivot at
2.448, and annual and semiannual risky levels at 2.263, 1.999 and 1.779.
30-Year Bond (3.020) Weekly, annual and quarterly value levels are 3.202, 3.283 and 3.963 with
monthly, semiannual and annual pivots at 3.089, 3.082 and 3.107 and daily risky level at 2.951.
Comex Gold ($1224.0) Weekly and quarterly value levels are $1162.8 and $906.43 with monthly,
semiannual and annual risky levels at $1305.2, $1613.0, $1738.7 and $1747.4.
Nymex Crude Oil ($85.55) Daily and weekly pivot are$85.32 and $85.62 with monthly, quarterly,
semiannual, annual and quarterly risky levels at $100.07, $102.66, $106.48 and $107.52.
The Euro (1.2613) Weekly and semiannual value levels are 1.2279 and 1.2203 with monthly, annual
and quarterly risky levels at 1.3309, 1.3382 and 1.3603.

The Dollar versus Japanese Yen (107.72) Monthly and annual value levels are 105.94 and 93.38
with weekly and quarterly risky levels at 111.84 and 123.64.

The British Pound (1.6059) Daily and weekly value levels are 1.5981 and 1.5836 with quarterly and
annual pivots at 1.6210 and 1.6262 and monthly and semiannual risky levels at 1.6907 and 1.7302.

To learn more about ValuEngine check out www.ValuEngine.com. Any comments or questions contact
me at RSuttmeier@gmail.com.