Transportation Sector Holds Key To Stock Market’s Next Move

Michele Schneider

During my weekly interview with Michael Yorba of CEO Money, I discussed several topics.

You can watch the full interview below.

Here’s a look at the subject matter:

–  The recent statement by Chairman Powell

–  The macro picture using 3 key instruments

–  A focus on Transportation-both fundamentally and technically

We also answer a key question:

–  Are we going to have an end of year rally or not?

Plus, stay tuned until the end when I introduce to you a very special and informative guest. Have a pen and paper ready to jot down your next game plan!

Stock Market Interview:

 

Stock Market ETFs Trading Levels:

S&P 500 (SPY) – 270 now support. And it was just last week we were looking at 276 resistance-that is the 200 DMA and 50 WMA-key to clear or not.

Russell 2000 (IWM) – Still by far the weakest which is concerning. 160 is to IWM as 193.75 is to IYT. What does that tell us? If IWM can get there, that’ll be the time to go short. And if it cannot get there, under 193.75 in IYT by week’s end, also a place to short.

Dow Jones Industrials (DIA) – 251 the 200 DMA pivotal support.

Nasdaq (QQQ) – 164.50 now support. If this cannot close the week out over 170.60, trouble still looms.

KRE (Regional Banks) – 55.00 is pivotal.

SMH (Semiconductors) – Needs a monthly close over 94.60 now pivotal support.

IYT (Transportation) – All about whether this can close out the week above the 50-WMA or 193.84.

IBB (Biotechnology)  – 111.14 is where this 50 WMA lives.

XRT (Retail) – 45.00 pivotal support with 47.50 resistance.

GLD (Gold Trust) – Once the dollar eased, this flew-now has to hold 114.50 and close the week out over 115.70.

Twitter:  @marketminute

The authors 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.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.