May 9, 2021
By Mish Schneider
Written by Forrest Crist-Ruiz
Friday, Non-farm payrolls were announced with a disappointing 266,000 jobs created compared to the roughly 1 million that economists had predicted.
However, the gap in expectations did not result in a market selloff.
This could be showing that investors are giving more weight to the Feds reaction to the report than the report itself.
With that said, let us look at Mish’s Economic Modern Family on a weekly basis to filter out market noise.
First off is the Transportation sector (IYT).
IYT was the only sector to close at new highs.
This is important because IYT has kept us from taking a bearish market stance based on its underlying strength when compared to the other Family members.
Next is the Russell 2000 (IWM) which closed roughly unchanged for the week.
Currently, IWM is showing more consolidation within its current range of $215 - 234.
On the other hand, Retail (XRT) and Regional banking (KRE) closed higher on the week and are sitting close to new highs.
Additionally, the Biotech space (IBB) was able to hold its 50-week moving average at $145.17.
Last, we have the Semiconductors (SMH). Like IWM it was relatively unchanged for the week closing +0.25% on Friday.
The important takeaway is that every Family member held over main support with XRT and KRE sitting close to new highs along with IYT placing another consecutive all-time high for the week.
In the middle of earnings season Mish walks you through a plethora of different sectors on stocks that reported with actionable information on which ones to short, which ones to buy, and which ones to leave alone on StockchartsTV.
Symbols include: TSLA VALE MSFT GOOGL UPS RUN SBUX GE AAPL BP COF JBLU FB SHOP YUM TDOC AMZN MA CAT TWTR PYPL UBER GM ETSY FSLY W
Also, Join us on Clubhouse on May 13 @ 7:00pm EST as we discuss trading cryptocurrency using floor trading secrets!
S&P 500 (SPY) New all-time highs.
Russell 2000 (IWM) Cleared back over the 50-DMA at 223.33.
Dow (DIA) New highs.
Nasdaq (QQQ) Doji day. Resistance the 10-DMA at 336.01.
KRE (Regional Banks) 71.53 resistance.
SMH (Semiconductors) Watching for second close over the 50-DMA at 241.74.
IYT (Transportation) New highs.
IBB (Biotechnology) Next support 146.82.
XRT (Retail) Holding over the 10-DMA at 93.94.
Volatility Index (VXX) Broke 38 support.
Junk Bonds (JNK) Flirting with the 10-DMA at 109.02.
XLU (Utilities) Support 65.29 held.
SLV (Silver) 24.12 support.
VBK (Small Cap Growth ETF) 279.26 resistance the 50-DMA.
UGA (US Gas Fund) 34.68 resistance area.
TLT (iShares 20+ Year Treasuries) 138.26 50-DMA support.
USD (Dollar) Broke support at 90.42.
MJ (Alternative Harvest ETF) 20.16 new support.
LIT (Lithium) 62.27 pivotal area.
XOP (Oil and Gas Exploration) Like to see this hold over 85.69.
DBA (Agriculture) 18.67 now support.
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