July 2, 2024
Mish's Daily
By Mish Schneider
Mother Nature can be such a B@*^H!
On March 6,2024 I wrote a Daily on sugar and inflation.
The biggest takeaway is
We will know about inflation by watching:
Focusing on sugar
Recent weather conditions like:
Then add some concerning geopolitics:
The futures chart shows the clear support at the 50-DMA after it consolidated and formed a base over 20.00.
Next hurdle is 22.00.
The CANE chart also shows a decent bounce once the 50-DMA cleared and the price of 12.00 (risk point).
CANE is outperforming the benchmark for the first time in a while.
Real Motion shows us momentum inclining with the clearance of the Bollinger Band.
Resistance is higher at 13.30 or the 200-DMA.
While we keep hearing about disinflation, I keep seeing signs of nuanced inflation.
Whether sugar is our ultimate X factor or not, it is super reliable to watch because it checks all the boxes
I will be taking the rest of the week off.
The next Daily will be published July 8th with an Outlook available this coming Sunday.
Have a very happy July 4th!
Educational purposes only, not official trading advice.
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Mish in the Media-Want to see more? All clips here
Yahoo Finance Mish talks about how JP's uncertainty makes some investors uncertain as well and why 07-02-24
Financial Sense Jim Puplava Mish discusses the debate and all thing AI/Commodities 06-29-24
CNA Asia First Why This Week is Critical to Next Market Direction. Mish in Singapore calms investors with smart practical advice 06-25-24
Stockpick.app Where is the money-and why we love silver still 06-24-34
Business First AM More on the inside sectors and why we like South Africa ETF 06-25-24
Benzinga Pre-Market Prep Mish covers the inside sectors, what to buy and where plus some key picks 06-24-24
Schwab Network with Nicole Petallides Mish covers the Modern Family, rising electricity demand and some picks to consider 06-21-24
Singapore Breakfast Bytes Radio Mish goes through electricity demand and which commodities to watch 06-20-24
Coming Up:
July 9 StockchartsTV
July 16 Wealth 365
August 2 Yahoo Finance
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) 5400 support 5600 resistance
Russell 2000 (IWM) 197-202 tightest range to watch
Dow (DIA) 40k resistance
Nasdaq (QQQ) Sideways but still looking solid
Regional banks (KRE) Watching the range 45-50 CAREFULLY
Semiconductors (SMH) 260 pivotal support
Transportation (IYT) 67 hurdle to clear 64 support to hold
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) 76.50 key support
Every day you'll be prepared to trade with: