Market Tries to Read Between the Lines

July 9, 2024

Mish's Daily

By Mish Schneider

Starting with Fed Chairman Powell:

  1. Most Recent Labor Data Sends Signal of Cooling
  2. Labor Market Appears to Be Fully Back In Balance
  3. No Longer A Heated Economy
  4. ‘We Are Well Aware’ We Face Two-Sided Risks

Last night I wrote that “We have heard many discussions on whether small caps (Granddad Russell 2000 IWM) really matter for the market.”

The chart above is clear.

Do we care about the small caps?

Is there a correction coming in large caps?

Did Powell say anything really?

As we all try to read between the lines, please have a look at where you might consider parking money right now.

If you go to StockchartsTV YouTube channel, you will find my latest thoughts on key charts.

Plus, you get actionable information.

Please click the link to see the video.

Stockcharts TV


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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ETF Summary

S&P 500 (SPY) 5400 support 5600 resistance

Russell 2000 (IWM) 197-205 tightest range to watch

Dow (DIA) 40k resistance

Nasdaq (QQQ) Meager consolidation at the all-time high

Regional banks (KRE) Watching the range 45-50 CAREFULLY

Semiconductors (SMH) 260 -280 range

Transportation (IYT) Not pretty under 64

Biotechnology (IBB) 140 pivotal resistance

Retail (XRT) 200 week moving average support at 72.75. Needs to recapture 74.50

iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now

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