Stock Market Update with ETF Trading Levels For January 15

Michele Schneider

Last night we talked about stock market sectors that are ready to breakdance and used the four kinds of breakdancing movements as market analogies:  toprock, downrock, power moves and freezes.

We thought that the Regional Banks ETF (KRE) could toprock or continue dancing from its upright position.

We thought that brick and mortar Retail Sector ETF (XRT) could downrock, or start from the floor and dance its way upright.

We thought the Transportation Sector ETF (IYT) could power move, gaining both speed and momentum.

And we thought that the Biotechnology Sector ETF (IBB) could freeze or halt from selling off, but also continue to trade as if frozen at current levels.

How did that all work out for Tuesday January 14?

JP Morgan reported well before the open. That gave the Regional Banks ETF (KRE) a toprock-type move up, but only marginally so. With lots more banks reporting, KRE remains on watch.

The Retail Sector ETF (XRT) did move from her downrock position. It danced right into resistance, so again, remains on watch.

transportation stocks equities image

The Transportation Sector ETF (IYT) was the power mover or star of the breakdancing Economic Modern Family.

With Amazon lifting the ban on FedEx as a carrier for their deliveries, IYT power moved over 200. Now, it has to hold right around there to remain a star.

Biotechnology sort of did the freeze step. Although IBB rose even more than IYT did, IBB also has resistance to clear over 122.

Wednesday and Thursday will be exciting to watch unfold. With the Phase One deal on tap, along with the seasonal calendar about to change, here are the breakbeat key levels….

S&P 500 (SPY) Inside day after the new all-time high. 324.77 support 

Russell 2000 (IWM) 165.50 pivotal

Dow Jones Industrial Average (DIA) Made a new all-time high. 287.64 the level to hold 

Nasdaq (QQQ) Made a new all-time high. 217.00 support to hold

KRE (Regional Banks) Holding the 50 DMA right around 57.00-needs to clear 57.75

SMH (Semiconductors) New all-time high 143.31 support to hold

IYT (Transportation) 198.50 pivotal support 

IBB (Biotechnology) 121.91 resistance and 115.50 support 

XRT (Retail) 45.50-46.00 pivotal resistance. 44.80 the 50-DMA

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.