March 17, 2019
By Mish Schneider
Today’s Key Levels:
S&P 500 (SPY) Inside day, which makes sense given the confusing influences in the market. New swing high recently at 282.39. Could not close above the old swing high 281.87. That means a close under 280 tomorrow can be considered a key reversal
Russell 2000 (IWM) 155.60 remains pivotal resistance. Weaker than SPY, 154 support to hold especially on a closing basis for the week.
Dow (DIA) Another inside day like SPY. Use 256 as the immediate pivotal point for Friday. A close below weak, a move and close above 258.07 better
NASDAQ (QQQ) Inside day here too. Puts 176.35 as support to hold especially on a closing basis and same for 177.93 above.
KRE (Regional Banks) Could still be a bear flag if breaks 54.50. However, a move over 56.04 will negate that.
SMH (Semiconductors) Closed under 104, so now must hold that Friday or see 102.102.50 as a do or die potential level.
IYT (Transportation) Inside day, so today’s weakness will be confirmed if closes under 185.39 and this instrumental sector will save the day if moves and holds over 188.39.
IBB (Biotechnology) 114 tested but failed. So now, must hold/close over 112 or 109-110 back in the cards.
XRT (Retail) Granny Retail reflecting the bearish high sentiment more than anyone-like picking on a little “ole lady. 44.60 is the 200-week moving average. Needs to hold. Otherwise, XRT has a slew of lower highs and most recently a double top near 47, which could mean a trip to 42 is next.