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Quick Look at the Economic Modern Family

April 23, 2024

Mish's Daily

By Mish Schneider

While I am extremely focused on commodities as outlined in Monday’s Daily, my viewpoint for most equities remains cautious to neutral.

What might turn us to be more bullish?

I love these weekly charts.

Let’s analyze.

Going from the top row left to right we start with Granny Retail.

3 weeks ago, XRT failed the weekly channel giving us fair warning.

Then last week, XRT closed right on the 200-week moving average.

This week, XRT has popped off that support. Bulls want to see a weekly close above 72.87, last week’s high.

Then we will be back to watching the 75 area or where it originally broke down from.

A weekly close under 71.40 would be reason to exercise more caution.

A very similar story with Granddad Russell 2000 IWM.

IWM, after breaking under the channel, held the 200-WMA and now is testing the bottom of that channel.

Brother Biotechnology IBB, failed its channel 3 weeks ago and also failed the 50-WMA. This week, that 50-WMA becomes key.

I focused on KRE in interviews and on X.

As the weakest member, KRE last week held both the weekly channel low and the 50-WMA to become a relative outperformer.

This week, KRE trades back to the middle of its recent trading range.

With the top of the channel line the biggest hurdle, that is the most exciting place to watch for KRE to clear or not.

Transportation IYT currently tests the bottom of the channel it failed from last week. Worth a watch!

Finally, Sister Semiconductors, like IYT, only failed the channel bottom last week, and is also testing that breakdown area this week.

Plus, with lots of earnings on tap, we should know her next direction very soon.

Keep your eyes on the weekly charts and the phases…it will keep you on the right side of the market.

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Mish in the Media - All clips here

Business First AM Mish covers regional banks, the small caps, value stocks, retail and bitcoin-with levels for you to act upon 04-23-24

Singapore Breakfast Bites Where are rates going? Mish talks about the higher for longer and why the FED could pivot on that 04-19-24

Neil Cavuto Coast to Coast Fox All About Netflix-Mish predicted that the stock peaked BEFORE the earnings report 04-18-24

Schwab Network Where the consumer will go next to spend money with Nicole Petallides 04-17-24

CMC Markets Technical trading-what how mish points out why the dollar could peak against the Yen 04-17-24

Stockpick.app Partial-sign up for the app and hear the analysis every week 04-15-24

Kitco News with Jeremy Szafron A clear explanation on why gold is up, inflation, Fed’s next moves and where things are going from here 04-13-24

CMC Markets Take a ride with Mish and she goes through commodities, indices and currencies and gives you a short-term game plan using long term bias 04-10-24

CNBC Asia Inflation is Coming Which bodes well for industrial and precious metals.04-10-24

Making Money With Charles Payne Mish talks about small and mid-cap stocks and why sticking to companies with strong balance sheets and earnings growth makes for best investments 04-02-24

CNBC Worldwide Exchange Tesla is one aspect of a much larger megatrend in EVs. Mish covers the advantages/disadvantages of the company and the space 04-02-24

Coming Up:

April 25 FOREX Trader’s Summit Pre Market with Dale Pinkert

April 25 Malaysia radio

April 26 Live Coaching for MG members

April 30 Real Vision Daily Briefing

May 3 Benzinga Pre Market Prep

Weekly: Business First AM, CMC Markets, and new to us-stockpick.app

ETF Summary

S&P 500 (SPY) 500 now support

Russell 2000 (IWM) 200-202 resistance

Dow (DIA) 388 resistance

Nasdaq (QQQ) 430 resistance