Markets: Recap of This Week’s Market Daily’s

January 11, 2024

Mish's Daily

By Mish Schneider

I began the week focused on bank earnings, which we will wake up to tomorrow.

In that Daily, I wrote, “one can assume that bank stocks, which already started off the year extremely well, have potential to shine.

However, we know that assumptions can be tricky.

There are those who still believe credit issues with Regional Banks could put pressure on the financial markets.”

Bottom line, the Regional Banks ETF KRE will help us point the way.

“On the monthly chart, 54.00-55.50 is major resistance using the 23-month moving average (blue) and the 80-month MA (green).

That price level also corresponds to the “scene of the crime” from last March.

Ideally, bulls should feel safer in all the bank stocks if KRE can clear that resistance.

And we don’t want to see KRE fail 50.00 once earnings are reported.”

Next Daily was called, Commodities Trade Analysis: Aluminum.

With lots of analysis on both Alcoa Aluminum, which reports January 17^th and the futures contract, “Bottom line, AA and the futures chart are great tools to use to assess the strength of the industrial metals, economic growth, supply and demand and quite possibly, a reignition of inflation.”

The Next Daily is on what to look for as we head into week 3 of 2024.

Plus, please check out the clips on trading commodities I did with CMCMarkets and over the weekend, on Stockcharts concerning calendar ranges.

Summing up the 3^rd Daily,

“Looking at the Economic Modern Family (weekly charts), to date, they all peaked in December.

The Russell 2000, Regional Banks, Transportation and Retail, as far as index and sectors go, backed off the most from their peaks.

Semiconductors are more sideways since the peak as well as Biotech (which remains the strongest sector right now).”

This sets the stage for a January calendar reset- a range that is effective for the entire year (even though we get a new range in July) and will show itself next week.”

What about Commodities?

Now that CPI is out of the way, we are watching for:

“The dollar looks more vulnerable in the longer term, even with the recent pop.

Gold still looks poised even though it is more range bound now (another great 6-month calendar ranger to watch).

And oil, also rangebound, is starting to consolidate between $70-73 a barrel.

Look out for the videos and the weekend Daily!

We remain of the opinion that commodities can take as long as late spring to early summer to pick back up.”
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Mish in the Media - All clips here

CMC Markets Mish continues with the plan for trading on CPI today. Oil, NatGas, Gold and Silver all have very clear levels and momentum 01-11-24

CMC Markets Mish continues with her analysis on gold, oil and gas, only this time adds the dollar/yen currency pair and her outlook on the dollar longer term 01-10-24

Biz First AM Mish covers the January reset and why she still likes COTY, TJ Maxx and the vanity trades 01-09-23

CMC Markets Mish covers oil, gold, natural gas, silver and sugar and teaches you how to use charts to determine short term trading strategies, 01-08-24

Real Vision Daily Briefing Mish and Maggie discuss inflation (given the wage component in the payroll report) and Bitcoin (given the looming deadline for ETF news), SPY – market outlook. Why small caps are important, Emerging markets - VNM Greece, Watching China 01-05-24

Business First AM Mish covers war, energy, food, and a pick of the day. 01-03-24

Final Bar with Dave Keller Stockcharts Small Caps, Retail and Junk, Why all 3 matter this year a lot! 01-02-24

BNN Bloomberg What is a Commodity SuperCycle Really? Mish goes over one interesting chart plus places to invest this year 01-02-24

Fox-Making Money with Charles Payne Cheryl Casone Hosting Mish covers volatile bitcoin and why EVs may not be such a great place to invest in right now 01-02-24

Singapore Breakfast Bites Mish talks about themes for 2024 to look for-and tells you where to focus, what to buy or avoid depending on economic and market conditions December 28, 2023

Charting Forward with Stockcharts and Dave Keller-Mish sits down with 2 other market experts to help you prepare for 2024 with predictions, picks, and technical analysis. December 28, 2023

Coming Up:

January 12 Stockcharts on January Calendar Ranges

January 22 Your Daily Five Stockcharts

January 24 Yahoo Finance

Weekly: Business First AM, CMC Markets

ETF Summary

S&P 500 (SPY) 480 all-time highs 460 underlying support

Russell 2000 (IWM) 195 pivotal 180 major support

Dow (DIA) Needs to hold 370

Nasdaq (QQQ) 390 major support with 408 resistance

Regional banks (KRE) 50 support 55 resistance

Semiconductors (SMH) 170 cleared with this sector back in the lead