May 14, 2019
By Mish Schneider
Abbreviated Daily today due to the death of dear friend last night.
With inside days in Retail XRT, Regional Banks KRE, and Biotechnology IBB, we have a course of action for you to follow on Wednesday.
The Russell 2000 IWM rallied well today and posted the highest percentage gain of the four indices.
However, the distribution phase has confirmed.
Between the 3 weaker sectors and IWM, the plan for tomorrow is quite clear.
Follow the way the range breaks in KRE XRT and IBB. Follow IWM to see if it can clear 154.50 or fails 150.75.
As for the rest, IYT Transportation also confirmed the distribution phase. 189.80 is resistance.
Semiconductors SMH confirmed the caution phase. 107.60-108 is the range to hold or fail.
Again, if SMH holds firm, there are opportunities in that sector to trade. However, as with any new equity longs, have reasonably tight stops, and smaller position sizes, considering that overall weakness remains.
Commodities are still the emerging long trend to watch.
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S&P 500 (SPY) Went into a confirmed caution phase. That makes 285.73 the 50-DMA super pivotal with 277.30 the 200-DMA next support
Russell 2000 (IWM) 155.30 now resistance while in a confirmed distribution phase, 150 is the next support area.
Dow (DIA) 254.22 the 200-DMA and now pivotal area to clear or not. Plus, in an unconfirmed distribution phase with next support at 252.46 the March 11 low.
Nasdaq (QQQ) The 50-DMA is at 182.74 now resistance as this went into a confirmed caution phase. 174.30 is the underlying 200-DMA.
KRE (Regional Banks) 54.20 now resistance with this in an unconfirmed bearish phase. 51.31 the 200-WMA
SMH (Semiconductors) confirmed caution phase. 102 the biggest support and now oversold with 108.50 resistance
IYT (Transportation) Unconfirmed distribution phase with 189.50 resistance and under 183.80, 180 best next support
IBB (Biotechnology) 103.50 the 200-WMA now resistance and 100 next best support
XRT (Retail) Some support at 42.00