Now that I am back from vacation, I thought we would mix it up for you all and do the Daily as a video a couple of times per week, so that I can explain the charts in more detail and speak directly to all of you. We will continue with the usual format the other days of the week.
I hope you enjoy this video as much as I enjoyed making it.
For today, I appear on camera with the Granddad of the Economic Modern Family and as a bonus, also with his dog. I know we can all learn a lot from him, so make sure to stick around until the end of the video. I will switch to the charts and go through technical analysis on both IWM and FRO (Frontline) for you.
Key Takeaways
IWM is technically perfect, using price, moving averages, momentum, mean reversion and leadership indicators.IWM is the key indicator to watch for the strength or weakness of rallies and selloffs.Frontline, Gramps’ dog, is a stock in the IWM basket, well outperforming and very interestingly set up.
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Mish in the Media
Inflation has ebbed but not disappeared, so why should the Fed’s new policy? See Mish consider this question on Coast to Coast with Neil Cavuto.
Drought and more inflation is in store, with good technical levels in many raw materials holding. Mish talks commodities in this discussion with Nicole Petallides of TD Ameritrade.
ETF Summary
S&P 500 (SPY): 415.88 now resistance with support at 410Russell 2000 (IWM): 192.50 the resistance with support at 190, then 188Dow (DIA): 331.74 resistance and support at 335.94Nasdaq (QQQ): 335.14 1st level of resistance and support at 329.66KRE (Regional Banks): 66.24 resistance, support level at 64.27SMH (Semiconductors): 229.51 resistance and support at 225.75IYT (Transportation): 241.66 resistance and support at 238.40IBB (Biotechnology): 125.33 resistance point and 126.40 supportXRT (Retail): 69.22 resistance point and with support is at 66.34
Mish Schneider
MarketGauge.com
Director of Trading Research and Education
