Trading Range Persists: Key Levels for Friday

September 26, 2019

Mish's Daily

By Mish Schneider

blankThe market tested resistance and failed.

The market tested support and held.

That’s called a trading range.

We continue to see disparity among the key components.

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Below find the levels for the indices and key sectors

S&P 500 (SPY) Low volume inside day while SPY holds the 50-DMA at 294.77 Yet, still has to clear 300 to get more convincing.

Russell 2000 (IWM) 2 Inside days. 152.09 the 50-DMA held. 155.50 is the major overhead to clear to get more interesting

Dow (DIA) 2 Inside days. 266-270.70 range to break

Nasdaq (QQQ) Inside day. 189.13 or the 50-DMA pivotal now.

KRE (Regional Banks) Since 52.23 is the wall of support

SMH (Semiconductors) 116.33 the 50-DMA holding. However, this too must get through the resistance at 121.

IYT (Transportation) 2 Inside days. 186.21 the 50-DMA pivotal. All the inside days spell indecision. Makes sense

IBB (Biotechnology) 100 pivotal area as this is very weak

XRT (Retail) 42.40 to clear for starters and 41.15 to hold

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