March 17, 2021
By Mish Schneider
Written by Mish and Forrest
3 of the 4 major indices closed negative on the day.
The Russell 2000 index (IWM) closed at $230.44.
This places it right on new support from February highs.
If IWM cannot hold $230 we could see a return to its choppy price area between $218 and $230.
Additionally, the S&P 500 (SPY) is close to its support area from February highs at $394.
Like IWM, it will need to hold this support level, or it risks falling back into a high volatility area.
On the other hand, both the Nasdaq 100 (QQQ) and the Dow Jones (DIA) are playing their own games, with the QQQs flirting with the 50-Day moving average at $320 and the DIA consolidating near highs.
This shows division in the indices which can lead to indecisive/choppy price action.
All in all, with the major indices sitting on pivotal price levels and the FOMC (Federal Open Market Committee) meeting Wednesday, waiting for a congruent move up in the indices might be the best plan for the moment.
S&P 500 (SPY) Watching 394 for support.
Russell 2000 (IWM) 230.32 support area.
Dow (DIA) New Highs. 320 new support.
Nasdaq (QQQ) Main support 320 the 50-DMA
KRE (Regional Banks) 68.58 support area.
SMH (Semiconductors) Doji Day. Needs second close over the 50-DMA at 237.11
IYT (Transportation) 243.80 the 10-DMA potential support area.
IBB (Biotechnology) Main resistance 160.45 the 50-DMA
XRT (Retail) 88.41 next support area the 10-DMA
Volatility Index (VXX) Watching to find support.
Junk Bonds (JNK) 107.39 recent low.
LQD (iShs iBoxx $Inv Gd Cor Bd ETF) 132 resistance. 128.53 Recent low.
IYR (Real Estate) Doji day.
XLU (Utilities) 64.19 resistance.
GLD (Gold Trust) Doji day.
SLV (Silver) 23.96 10-DMA
VBK (Small Cap Growth ETF) Needs to get back over the 50-DMA at 283.85
UGA (US Gas Fund) Inside day.
TLT (iShares 20+ Year Treasuries) 135.65 recent low potential support.
USD (Dollar) 91.37 new support.
EZA (South Africa) Needs to fill gap of 49.59.
EWW (Mexico) Broke the 200-WMA at 44.71.
MJ (Alternative Harvest ETF) 25.10 needs to clear.
WEAT (Teucrium Wheat Fund) Like to see this consolidate more around 6.15 area.
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