Introducing Granddad Russell 2000!

July 19, 2017

Mish's Daily

By Mish Schneider


blankToday, at 5 PM EST on my Facebook page called: Mish’s Market Minute Daily, I went live with the first of six cartoons that represent the Modern Family.

Coincidence or not?

The Russell 2000 must like the publicity and his character depiction as IWM made a new all-time high!

Now, Gramps was not alone.

The S&P 500 and NASDAQ continued their rock goddess status and also made new all-time highs.

Reason to celebrate?

We think so.

After all, on the heels of the Health Care Act’s failure to launch comes the hopes of getting a tax plan through.

Yet, should we worry that not all members of the Family participated in the joy?

Transportation (IYT) fell by .59% mainly due to FedEx’s financial impact after last month’s cyberattack.

Unfortunate after a top and bottom line beat on earnings.

At this moment, concerns for the rest of the market after IYT’s selloff seem premature.

IYT has the rest of July to prove it can close above 172.50-the monthly channel resistance line.

Regional Banks (KRE) reflect the softening of interest rates.

The sound and logical question on how much faith the Federal Reserve has in a growing U.S economy relates to whether they stick to the plan to raise interest rates.

Meanwhile, IBB gained although could not close over 320.

Semiconductors (SMH) has a way to go to get to the recent highs, but at least, she is above resistance at 86.68.

Circling back to today’s star, Granddad Russell 2000 can still provide us with a mind numbing runaway gap.

Nowhere near overbought, that would certainly give us 2000 words and stocks to mull over.

S&P 500 (SPY) 245 now pivotal. Maybe not a strong runaway gap, but still a small gap up today if holds

Russell 2000 (IWM) New all-time highs but still under the monthly channel resistance. One gap higher over 143.25 would fix that. 141 now support

Dow (DIA) 215 pivotal support. Would have done better if not for IBM

Nasdaq (QQQ) Going to call 144 pivotal

KRE (Regional Banks) Must hold 54.10 clear 56.50 once and for all

SMH (Semiconductors) 86.68 pivotal area.

IYT (Transportation) Not too concerned if this holds above 172

IBB (Biotechnology) Must clear 320

XRT (Retail) 40.00 held as this ran to resistance at 40.65 the 50 DMA

IYR (Real Estate) After three waves lower, should this clear back over 81.50 BUY! 79.00 support

GLD (Gold Trust) 117.30 pivotal. Through 119 impressive

SLV (Silver) 15.20 very tight nearby risk for this to move higher

GDX (Gold Miners) Has to clear 22.75

USO (US Oil Fund) Unconfirmed recovery phase-like if closes above 9.61 again

XLE (Sel Energy Spdr Fd) First time above the 50 DMA since early 2017

OIH (Oil Service Holders) Ditto here

TAN (Solar Energy) Parabolic with today’s gap higher

TLT (iShares 20+ Year Treasuries) 124-125 resistance. 122.50 support

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