Has the Stock Market Found Love or Litigation?

May 9, 2019

Mish's Daily

By Mish Schneider

blankThe juxtaposition of these two signs fascinates me.

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.

Please, don’t take my word for it! Watch what AK from Fallible says about Plant Your Money Tree: A Guide to Growing Your Wealth! Go here: https://www.youtube.com/watch?v=B9A9co2sgOU&feature=youtu.be

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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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