Market’s Rock Goddesses and Mere Mortals

July 18, 2017

Mish's Daily

By Mish Schneider

blankA list called “The Top Tens” voted for the “Best Female Rock Singers of All Time.”

In no way meant as a personal endorsement, their number one pick is Amy Lee of Evanescence.

I chose her to headline today’s Daily.


If we consider her a rock goddess, then her song, My Immortal speaks to her sadness of losing a beloved mortal. Side note-$391 million views on YouTube.

Hence today, the market mimics art.

Some instruments are rock goddesses.

Others are fallible mortals.

While others are near death.

The S&P 500 and NASDAQ (especially Netflix) fit the rock goddess status.

Along with those indices, Semiconductors-already known in some circles as Wonder Woman-clearly fits the goddess bill.

Who then are the mere mortals and who are the ones at risk of dying?

Granddad Russell 2000 fluctuates between rock star and fallible mortal.

In a range, we still wait for IWM to either gap up above 143 and not look back or gap lower and break under 138.00

Similarly, Big Brother Biotechnology (IBB) failed to take out 320 but holds firm above critical support.

Our Trans Transportation ETF (IYT) could, with one heavy metal hit, turn into a rock goddess.

If IYT opens above 175.75 and runs, we can evoke Amy Lee’s song Bring Me to Life

On the other hand, should sellers could come out and take IYT down to 172, Amy’s got that covered too with her song, Going Under.

Prodigal Son Regional Banks (KRE) has yet to demonstrate rock god qualities. Instead, we place that sector in the fallible mortal category.

Resuscitation (Annie) Granny Retail (XRT) tries hard to hold over 40.00. Alas, Granny Retail has a real risk of dying if she cannot maintain that level.

What makes Amy Lee dubbed “The Queen of Rock” is her ability to sound strong yet sing effortlessly.

And there’s the rub for the market. The instruments that are strong remain so effortlessly.

The instruments that struggle endure on our rock goddesses’ sad song list.

** Wonder what the Modern Family looks like? Please join my member only Facebook page: Mish’s Market Minute Daily. Beginning this Wednesday July 19th at 5 EST, I will be there live with the debut of the Modern Family cartoons and much more!

S&P 500 (SPY) 245 now pivotal. Could still get a runaway gap

Russell 2000 (IWM) I’d still consider the channel resistance at 142.90 as the number to watch. A gap and run above-sweet! 140 pivotal. 138.00 support

Dow (DIA) 214 pivotal support.

Nasdaq (QQQ) 142 pivotal. Over 144, blast off.

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 Hold 309

XRT (Retail) 40.00 important pivotal area. 40.70 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) If this clears 9.65 way better

TAN (Solar Energy) Parabolic as I mentioned over the weekend

TLT (iShares 20+ Year Treasuries) 124-125 resistance. 122.40 support

VXX (Volatility Index) No drama no fear

UUP (Dollar Bull) More interesting, FXE made new yearly highs and go to a profit target

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