January 7, 2020
By Mish Schneider
In 37 minutes, we go through discussions on macro themes such as gold, soft commodities, megatrends for 2020 to follow and what to expect in an election year.
One little treat is a bit on Beyond Meat BYND, which today exploded from its recent trading range.
To follow up on Monday’s Daily, a quick note on the market…
Last night, I posted 2 charts. One of the Tansportation sector ETF IYT and one of the Russell 2000 IWM.
That information turned out to be actionable and timely.
In IYT, we saw that the 50-DMA is at 194.57.
We noted that the slope on the 50-DMA is neutral and that in order for a confirmed phase deterioration to caution, IYT had to close below the 50-DMA again.
We said that, “The key here for the bulls is that IYT closes tomorrow back over the 50-DMA.”
The Russell 2000 IWM, still has more work to do in order to clear the 10-DMA at 165.89 and hold above there.
IYT showed the bulls promise today and kept the bullish phase intact.
If it continues to close above 194.60 and can clear and close above 195.82 tomorrow, I would not be surprised to see IWM play catch up.
Although I recorded the podcast in early December, it was released today.
The information remains quite relevant.
Russell 2000 (IWM) Inside day here. Must clear 167.12 with 165.80 pivotal and 163.70 support
Dow (DIA) Inside day. All-time high 288.63 with 285.50 pivotal
Nasdaq (QQQ) ATH at 216.16 with today’s high 216.14. 213.75 pivotal support
KRE (Regional Banks) 56.70 the 50-DMA to hold
SMH (Semiconductors) ATH at 144.94 with 140 pivotal. Below, could see move to 135.
IYT (Transportation) 195 pivotal area. 200 key resistance. 192.74 support
IBB (Biotechnology) 121.50 resistance and 115.50 support
XRT (Retail) 45.41 pivotal. 46-47 resistance. 44.70 the 50-DMA
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