Recap and Action Plan: Small Caps, Beans, Oil

November 19, 2023

Mish's Daily

By Mish Schneider


Since we came back from vacation, I wrote 3 Daily’s.

The first one was on the Economic Modern Family and how it opened its loving arms to the bulls.

I was particularly keen on small caps or the Russell 2000 IWM.

I wrote, “Beginning with IWM or Granddad Russell 2000, Monday began with a gap up over the 50-DMA (blue).

We will watch for a phase change confirm. Furthermore, the monthly chart shows IWM back above the 80-month MA (green). Resistance at 191 area is on tap if IWM holds above 174.”

Phase change-YES

Holding 174-YES

Still above the 80-month MA-YES

Is 191 on tap if continues to hold-YES.

Next, I wrote a Daily about Soybeans as the next potential parabolic runner.

“Meanwhile, the Teucrium Soybean Fund SOYB saw a huge influx of investor money.

The monthly chart featured shows prices hovering around all-time highs.

In 2012 the high was 28.88. In July this year, SOYB made a new high at 29.43.

The sideways consolidation on this monthly chart suggests a move to 34-35 is possible.”

The daily chart is in a bullish phase-YES

The futures contract here, shown through the continuous contract and not the January 2024 contract, looks different.

The continuous contract is under the 23-month MA while the futures contract of the ETF sits above the 23-month.

Sideways consolidation-YES

Read to run? -NOT YET.

But watch for a move over 1400 in January 2024 contract as a good start provided this holds 1250.

The next Daily this week was titled: Oil the New Gold-Buy When There’s Blood in the Street

The thesis was oil is a buy just as everyone got bearish. Just like gold, “you buy it when it looks awful, sell it when it looks strong.”

The futures contract (December) shows you that $72 held Friday with a move to nearly $76.

Was it a buy with blood in the streets? YES

Do we have a support level now?- YES

If you have a listen of my 2 latest videos in the media section below, you will hear that I boldly called a bottom and describe what levels must clear from here.

This coming week, watch for oil to get over $76 to continue the rally.

 

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Mish in the Media - 
All clips here

BNN Bloomberg Open Mish covers the emotional state of oil and gold plus why small caps are key right now..plus a couple of picks! 11-17-23

CNBC Asia Partial Clip on Oil, OJ, Beans and how to trade volatile commodities 11-16-23

Making Money With Charles Payne Fox-Mish discusses small caps and how they could still run, the Fed and gives 3 picks 11-16-23

Business First AM-Tencent Music TME 10-27-23

Mish Live on Fox with Charles Payne discussing bonds 10-27-23

Mish Live at Yahoo Finance-Deep chart dive with Jared Blikre 10-26-23

Mish at the NYSE with Cheddar TV-Exploring 401(k)s 10-26-23

Business First AM Mish covers the Bond rally and how the consumer could save the day 10-24-23

 

Coming Up:

Yahoo Finance 11-20-23

Real Vision 11-20-23

StockchartsTV Your Daily Five 11-28-23

Live Coaching 11-30-23

December 3-December 13 Money Show Webinar-at-Sea

Weekly: Business First AM, CMC Markets

 

ETF Summary

S&P 500 (SPY) 450 clears see 465 Under 450 435 support

Russell 2000 (IWM) 181 resistance 174 support

Dow (DIA) 360 resistance 346 support

Nasdaq (QQQ) 388 must clear and 370 must hold

Regional banks (KRE) 45 big resistance

Semiconductors (SMH) 160-161 pivotal support

Transportation (IYT) 235 support

Biotechnology (IBB) 120 pivotal

Retail (XRT) 65 resistance and 60 pivotal support

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