07/22/2025

Mish Schneider | July 21, 2025

(Pivotal means short-term bullish above that level and bearish below)   S&P 500 (SPY) 628 calendar range high   Russell 2000 (IWM) 220 support and still stuck   Dow (DIA) 440 key support  Nasdaq (QQQ) 558 calendar range high to hold   Regional banks (KRE) 62 pivotal   Semiconductors (SMH) Did not clear the calendar range high   Transportation (IYT) 70 pivotal  Biotechnology (IBB) Broke support at 130 now watching 127  Retail (XRT) 79-80 support and must clear 81.70  Bitcoin (BTCUSD)

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