August 26, 2023
By Mish Schneider
Small caps as measured by IWM are key for the fall and into 2024.
You can also look at SML S&P 600.
IWM could be forming an inverted head and shoulders bottom going back from the start of 2023. (see the rectangle area of the IWM chart)
SPY QQQs, on the other hand, could be forming a head and shoulders top. (See rectangle area of the QQQ chart).
If this does not tell you where we are at--equal potential to see IWM lead us up if clears back over 190 or-
A more significant down move if fails 180 under the pressure of QQQs should they fail the head and shoulders neckline.
Our MarketGauge quant models are aside in Small & Mid-Cap Earnings Growth yet long small cap earnings growth.
This means that the strength is in the stocks that have merit based on earnings and not as correlated to the indices.
Have a listen to August 24th live coaching session where we cover the indices, economic modern family, and market outliers.
And stay tuned as Monday August 28th on the close of the day, Mish will be guest hosting for David Keller on Stockcharts The Final Bar.
If you find it difficult to execute the MarketGauge strategies or would like to explore how we can do it for you, please email Ben Scheibe at Benny@MGAMLLC.com, our Head of Institutional Sales. Cell 612-518-2482
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
"I grew my money tree and so can you!"- Mish Schneider
Mish in the Media - All clips here
Business First AM DBA 08-23-23
Business First AM Nvda 08-22-23
Gold Outlook Kitco 2 08-18-23
Gold Outlook Kitco 08-18-23
Your Daily Five 08-18-23
Daily Briefing Real Vision 08-17-23
Business First AM 08-13-23
CNBC Asia 08-10-23
Benzinga Morning Prep Show 08-10-23
Business First AM 08-08-23
Yahoo Finance 08-01-23
August 28 Yahoo Finance Before the Bell
August 28 Chuck Jaffe Money Show
August 28th Making Money with Charles Payne Fox Business
August 28 Guest host for the Final Bar, StockchartsTV
Mish will be on break August 30 and return Tuesday September 5th.
September 7 Singapore Breakfast Tadio 89.3 FM
September 12 BNN Bloomberg
September 12 Charting Forward StockchartsTV
September 13 Investing with IBD Podcast
October 29-31 The Money Show
S&P 500 (SPY) 440 now back to pivotal
Russell 2000 (IWM) Popped off the key support. 185 pivotal
Dow (DIA) Will watch to see if it can back over 347
Nasdaq (QQQ) 363 pivotal
Regional banks (KRE) Still needs to get back over 44 to be convincing
Semiconductors (SMH) 150 back to pivotal
Transportation (IYT) 239 still support to hold with 252 biggest overhead resistance
Biotechnology (IBB) Compression between 124-130
Retail (XRT) Has been and remains to be an underperformer and concern going forward.
Every day you'll be prepared to trade with: