Start of a Market Correction or a Summer Rally?

June 5, 2024

Mish's Daily

By Mish Schneider


On June 3rd I recorded a 20-minute video for StockchartsTV.

The thesis is to explore whether we are at the beginning of a market correction or gearing up for a summer rally.

Interestingly, I start with the Granddaddy of the US Economy and our Economic Modern Family-the Russell 2000 (IWM).

Today, not only did IWM hold clutch support, (which I surmise could happen) but I also go through a level the Transportation sector (IYT) has to clear and why long bonds could ultimately send a warning (TLT).

I go on to analyze COIN, PLTR, CANE and KRE among others.

Basically, I share a MACRO view, focusing on price charts and notable outliers.

And then I help you discover where to put your money, no matter the market direction.

I am super proud of this work and of all the comments I got on the YouTube.

Here is a sample:

And wait, there’s more!

To see the video please click on the link below.

Table of Contents

00:00 - Intro 01:05 - Russell 2000 ETF (IWM), Transportation Average ETF (IYT)

06:38 - S&P Regional Banking ETF (KRE), 20+ Year Treasury Bond ETF (TLT)

11:34 - iBoxx $ High Yield Corporate Bond ETF (HYG), Nasdaq Biotechnology ETF (IBB)

14:20 - Consumer Staples Sector (XLP)

15:21 - Coinbase Global (COIN), iShares Silver Trust (SLV)

19:09 - Teucrium Sugar Fund (CANE), Palantir Technologies (PLTR)

21:08 - Nu Skin Enterprises (NUS)

 

Educational purposes only, not official trading advice.

For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more?
All clips here

StockChartsTV Mish walks you through the chance of a bigger correction and/or summer rally and what to look for 06-03-24

Schwab Network with Nicole Petallides Mish and Nicole discuss areas to watch after a fabulous first 1/2 of the year. 05-31-24

Making Money with Charles Payne Mish talks with Charles on warning signs and yet picks to watch 05-28-24

Real Vision The Daily Briefing Without commercials 05-24-24

 

Coming Up:

June 13th MoneyShow Virtual Expo -Topic Stagflation Survival Guide: Building Wealth Amid Economic Challenges

June 21 Schwab

July 2 Yahoo Finance

July Date TBD Wealth 365

Weekly: Business First AM, stockpick.app

 

ETF Summary

S&P 500 (SPY) New all-time high

Russell 2000 (IWM) 210.80 ATHs resistance 200 support

Dow (DIA) 40k resistance

Nasdaq (QQQ) New all time high along with Nvidia

Regional banks (KRE) Watching the range 45-50

Semiconductors (SMH) New all time high

Transportation (IYT) Needs to clear back over 64.00 and stick

Biotechnology (IBB) 135 support

Retail (XRT) 75-80 trading range to break

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77-support to hold once again

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