March 13, 2019
By Mish Schneider
Abbreviated Daily: Trading Levels 03-13-19
While Mish is away, key levels only.
Today’s Key Levels:
S&P 500 (SPY New swing high at 282.39 yet closed under the old swing high 281.87. That means a close under 280 tomorrow can be considered a key reversal
Russell 2000 (IWM) Still pivotal as this did not close over 155.60. 154 support and big pivotal area. Weaker than SPY so unless it can clear, warning
Dow (DIA) Use 256 as the immediate pivotal are for Thursday. Then some Support at 255. Resistance at the 10-DMA, 258 then more at 259.
NASDAQ (QQQ) Like SPY new high on this run. That makes a close under today’s low 176.35 suspicious. 178.26 resistance.
KRE (Regional Banks) See a potential bear flag forming with a move under 54.50 a sell signal
SMH (Semiconductors) That it barely held 104 by the close is a sign of weakness unless it can take out today’s highs at 104.81
IYT (Transportation) 186 remains pivotal with good resistance at the 188 area. If that clears, healthier sign
IBB (Biotechnology) Right into resistance at 113.45. Under 112, weaker with the best underlying support at 110.
XRT (Retail) Not as much of a bear flag pattern, but under 45 would be cautious under 45 regardless.