May 9, 2019
By Mish Schneider
Message to the lawyers? Their clients? Merely a coincidence?
The market fills me with a similar fascination.
Will the current bullish phases in the Russell 2000, Transportation, NASDAQ and the S&P 500 continue to spread love?
Or, will those indices and one sector find themselves talking to a bankruptcy lawyer?
Semiconductors fell further. Yet, with 110 pivotal, some late day love prevented it from going into a caution phase.
Transportation held 190. A move under 189.50 though, will not look great and take IYT out of a bullish phase.
Retail, XRT, either has to close over the 200-week MA at 44.40 or certainly more trouble for brick and mortar.
Regional Banks KRE held 54.20 or the 50-DMA. Yet a break below will send that sector back to an unconfirmed distribution phase.
Biotechnology IBB is in a bearish phase. Just like XRT. 103.52 is the 200-WMA which must hold or it will fall to test $100.
Finally, the Russell 2000, IWM, sits on the golden cross (or where the 50 DMA cleared above the 200 DMA.) For now, that is a major piece of the puzzle.
It’s possible IWM will go for love and clear/close over 157.03.
However, it is equally possible IWM will fail 154.50 thereby deteriorating in phase and handing over the reigns to the bankruptcy lawyers.
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S&P 500 (SPY) 285.53 the 50-DMA super pivotal Subscribers: Negative Pivots in all
Russell 2000 (IWM) 157.03 the 50-WMA is the pivotal resistance. With 155.45 next level to hold
Dow (DIA) 260 is resistance and 254.22 the 200-DMA support
Nasdaq (QQQ) The 50-DMA support is at 182.42 super pivotal
KRE (Regional Banks) 55.90 the 200 DMA resistance now with 54.20 the next area of support
SMH (Semiconductors) 110 the 50-DMA pivotal
IYT (Transportation) Holding the support at 190
IBB (Biotechnology) 105.85 pivotal area with 103.50 support
XRT (Retail) 44.40 key support and back over 45.15 better
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