Stock Market ETFs Trading Update & Analysis For March 15

Stocks toes the flat line for most of the day before closing slightly lower.

I’m enjoying some time away in Boca Raton, so once again the “daily” post will be limited to price analysis of several major stock market ETFs.

Key Trading Levels for March 15, 2019:

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

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Russell 2000 (IWM)– 155.60 remains pivotal resistance. Weaker than SPY, 154 support to hold especially on a closing basis for the week.

Dow Jones Industrials (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.

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.