April 15, 2020
By Mish Schneider
With jobless claims early Thursday morning, followed by the weak bank stocks earnings reports, the market is at a precipice.
Does the Fed come in once again to buy whatever they can?
Or, will reality replace the best of the Fed’s intentions.
Russell 2000 (IWM) 114.80 support 118-120 pivotal. 125.80 2018 November low resistance
Dow (DIA) 236.80 the pivotal 200-week moving average. 240 resistance. 227 support
Nasdaq (QQQ) Confirmed bullish phase with inside day. 205 support 121.47 to clear to see 220
KRE (Regional Banks) 30.95 key to hold
SMH (Semiconductors) Unconfirmed Caution phase 126.80-128.24 range to watch
IYT (Transportation) 140.27 support 145 pivotal
IBB (Biotechnology) 115 now support with 120 next resistance
XRT (Retail) 31.00 support to hold 36-38 big resistance
Volatility Index (VXX) 39.50 support and through 41.50 suggests more market weakness
Junk Bonds (JNK) 101.05 the 50-DMA. 95.80 support
LQD (iShs iBoxx High yield Bonds) 129.10-132 range to watch break. 135 resistance
Every day you'll be prepared to trade with: