July 24, 2024
Mish's Daily
By Mish Schneider
To repeat on the importance of the July (and January 6-month calendar ranges)
The Six-Month Calendar Ranges
Overall, we look at 2 simple things.
Looking at IWM or the small caps, any question on whether this is the new kid (in our case new Granddad) in town, is answered.
Holding above the July range (green horizontal line) is a positive.
Of course, should the market fall further that could change.
Nonetheless, if the market firms from here, IWM is a good place to go for more upside.
On the flipside, and completely different that what we have seen for the last 2 years, our Sister Semiconductors SMH is having a hard time.
SMH not only failed to clear the July range high, but it also broke the low last week.
Now, SMH is in an unconfirmed warning phase, trading under the 50-day moving average.
The momentum or Real Motion indicator is pointing to oversold.
Hence, we could see a bounce tomorrow perhaps back up towards the 50-DMA.
But unless we see a real reversal with price back through the calendar range lows, we can assume that the trend is real.
Money continues to rotate into small caps and out of Mega caps.
To find out more about calendar ranges, momentum and leadership indicators, please contact Rob Quinn, our Chief Strategy Consultant,
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
-
Traders World Fintech Awards
-
Get your copy of
Plant Your Money Tree: A Guide to Growing Your Wealth
Grow Your Wealth Today and Plant Your Money Tree!
"I grew my money tree and so can you!"- Mish Schneider
-
Mish in the Media-Want to see more? All clips here
Business First AM All about long bonds TLT 07-24-24
Money Life with Chuck Jaffe Podcast-Mish leans optimistic with some caveats plus a bit about the election 07-23-24
Business First AM 3 Keys to Trade the Market 07-23-24
BFM Radio Malaysia ITS ALWAYS GOOD TO TAKE SOME PROFITS 07-16-24
Schwab Network The Inside Sectors Or Economic Modern Family 07-16-24
Coming Up:
July 25 Live Coaching Members only
August 2 Yahoo Finance
August 5 Breakfast Bytes Singapore radio
August 7 IBD podcast
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) 540 support
Russell 2000 (IWM) 217 support 227 resistance
Dow (DIA) 400 pivotal
Nasdaq (QQQ) Broke under the 50-DMA but some weekly support 463
Regional banks (KRE) 54 now support with 60 next level to watch
Semiconductors (SMH) Failed the 50-DMA
Transportation (IYT) 64.10 support
Biotechnology (IBB) 146 now pivotal
Retail (XRT) 75 pivotal
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 78.00 support
Every day you'll be prepared to trade with: