Key Index and Sectors Are Inside Last Week’s Range

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The ultimate technical pattern that represents indecision is when by midweek, the price range remains stuck inside the trading pattern of the week prior.

Such is the case with these 4 Economic Modern Family members.

Granny Retail XRT held critical support thus far, but still has that 10 month consolidation range to break up or down.

Gramps Russell 2000 IWM, to his credit, has hung in there with the rising yields and dollar. Nonetheless, IWM remains rangebound.

Transportation IYT also trades inside last week’s range.

Regional Banks KRE has a much smaller and narrower range, which makes sense given bank earnings coming up.

You put this all together and we have a couple of conclusions.

1. The rangebound members are at least near the top of the range while SPY makes new all-time highs.
2. All have absorbed a lot of headwinds this week.

These 2 members are trading a bit beyond the ranges for last week.

Biotechnology IBB, while the range has not wandered too far, remains closer to the lower end of the bigger range from May.

Sister Semiconductors SMH, is trading above last week’s highs.

While still far from the all-time highs, SMH is doing her job, keeping the market happy.

As we end this week with inflation numbers and earnings, (plus storms and geopolitics), watch the way the ranges from last week reconcile, if they do at all.

Follow the way the ranges break, or sit tight if the ranges remain well, rangebound.

Check out Dave Keller’s time with me on Market Misbehavior podcast-posted later today,

 

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.
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Coming Up:

October 14, 21, 28 Podcast with Geoff Bysshe

October 9 CNBC UAE Capital Connection

October 10 Wealthwise Jordan Kimmel

October 16 Real Vision

October 18 Maggie Lake

October 24 Live Coaching

October 29-November 4 Vacation

December 5-7, 2024 Money Show Master Class

Weekly: Business First AM, stockpick.app

 

ETF Summary

(Pivotal means short-term bullish above that level and bearish below)

S&P 500 (SPY) 565 support 595 resistance

Russell 2000 (IWM) Range 215-225

Dow (DIA) New all-time highs

Nasdaq (QQQ) 485 pivotal support

Regional banks (KRE) 52-55 support zone

Semiconductors (SMH) 240 support 255 resistance

Transportation (IYT) 67.00 pivotal

Biotechnology (IBB) 140-142 support zone

Retail (XRT) 75 pivotal

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 failed so watching for risk factors carefully