Has the Stock Market Found Love or Litigation?

Michele Schneider

The juxtaposition of these two signs fascinates me.

Message to the lawyers? Their clients? Merely a coincidence? 

Doubtful.

The market fills me with a similar fascination.

Will the current bullish phases in the Russell 2000 ETF (IWM), Transportation Sector ETF (IYT), NASDAQ (QQQ) and the S&P 500 (SPY) continue to spread love?

Or, will those indices and one sector find themselves talking to a bankruptcy lawyer? 

stock market investor euphoria

Semiconductors fell further. Yet, with 110 pivotal, some late day love prevented it from going into a caution phase. 

Transportation held 190. A move under 189.50 though, will not look great and take IYT out of a bullish phase.

Retail, XRT, either has to close over the 200-week MA at 44.40 or certainly more trouble for brick and mortar.

Regional Banks KRE held 54.20 or the 50-DMA. Yet a break below will send that sector back to an unconfirmed distribution phase. 

Biotechnology IBB is in a bearish phase. Just like XRT. 103.52 is the 200-WMA which must hold or it will fall to test $100.

Finally, the Russell 2000, IWM, sits on the golden cross (or where the 50 DMA cleared above the 200 DMA.) For now, that is a major piece of the puzzle.

It’s possible IWM will go for love and clear/close over 157.03. 

However, it is equally possible IWM will fail 154.50 thereby deteriorating in phase and handing over the reigns to the bankruptcy lawyers.

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S&P 500 (SPY) – 285.53 the 50-DMA super pivotal Subscribers: Negative Pivots in all.

Russell 2000 (IWM) – 157.03 the 50-WMA is the pivotal resistance. With 155.45 next level to hold.

Dow Jones Industrials (DIA) – 260 is resistance and 254.22 the 200-DMA support.

Nasdaq (QQQ) – The 50-DMA support is at 182.42 super pivotal.

KRE (Regional Banks) – 55.90 the 200 DMA resistance now with 54.20 the next area of support.

SMH (Semiconductors) – 110 the 50-DMA pivotal.

IYT (Transportation) – Holding the support at 190.

IBB (Biotechnology) – 105.85 pivotal area with 103.50 support.

XRT (Retail) – 44.40 key support and back over 45.15 better.

Twitter:  @marketminute

The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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