Stock Market Update: Temperature Check On Important ETFs

stock market etfs important reversal lower decline september 11

Important Stock Market ETFs – 6 Charts

With the S&P 500 (SPY), Nasdaq 100 (QQQ), Dow Industrials (DIA), and Russell 2000 (IWM), closing down on Thursday, it’s a good time to check the health of our “Modern Family” of ETFs to give us a bigger picture of the stock market.

Above you can see the weekly charts for Modern Family. (IWM, IYT, XRT, KRE, IBB, SMH) All keys to the larger picture.

Let’s begin with Grandpa Russel (IWM) showing us the small cap stocks.

A second touch and pullback from the 200-WMA gives a clear support level of 149 with the 50-WMA close behind.

Last week (IYT) Transportation came 3 cents away from the high of Jan 17th. 203.89. We are currently having an inside week. This could give it the consolidation to push through that clear resistance level. Support from the rest of family and the government would be key.

(XRT) Granny Retail is also having an inside week. Unemployment benefits are still under negotiation which could play a large supporting factor for Granny retail who has paused for the time being.

(KRE) Prodigal Son Regional Banks has yet to pull closer to any of the moving averages being the weakest of the bunch.

(IBB) Big Brother Biotech Is currently sitting close to major support at 124. That is the 50-WMA which with its rising slope could meet IBBs price.

(SMH) Sister Semiconductors has been through a great run, but without any major support nearby and last weeks high being at 184, she will need to pull things together to make another move higher. She’s also not in an inside week, which means holding above last weeks low of 165.50 could be a very important level.

Waiting for the confirmation of good news with an end to stimulus negotiations could be a key here. IYT, IBB and XRT are having inside weeks. IWM is sitting on major support while SMH is holding over last week’s low. Besides KRE, everyone else is hanging in there.

Mish appeared on Yahoo Finance today, The Ticker to discuss jobless claims-the link-https://finance.yahoo.com/video/michelle-schneider-covid-19-stimulus-191137523.html

S&P 500 (SPY) 332.88 support

Russell 2000 (IWM) Next Support 149. Watching for confirm under 50-DMA

Dow (DIA) 284 resistance 272.40 Support

Nasdaq (QQQ) Sitting on 50-DMA as support. Watching for a bounce or break with resistance at 287 

KRE (Regional Banks) Confirmed bearish phase

SMH (Semiconductors) Watching for second confirm of a caution phase

IYT (Transportation) 194.67 support with 200 pivotal

IBB (Biotechnology) 125-130 range to break

XRT (Retail) 50.00 key support. 52 resistance

Volatility Index (VXX) VIX holding better than VXX-watch VIX at 28.00 and if can clear back over 30.50 trouble

Junk Bonds (JNK) 104.50 support 105.40 resistance

LQD (iShs iBoxx High yield Bonds) Starting to look vulnerable under 134.56-that would yield caution

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.