Mish’s Daily: Can Semiconductors Pull Off Another Sustained Rally?
Mish’s Daily: Can Semiconductors Pull Off Another Sustained Rally?
Written by Michele ‘Mish’ Schneider
With all the news flying around, we have found incredible confidence in our trading strategies by following the technical picture.
This is the fourth week I have covered Economic Modern Family as my weekend update.
And the Family has done its job.
From 4 weeks ago when Granny Retail and Granddad Russell sold off hard after failing to take out the weekly channel highs-
To
The week prior when both held key weekly moving averages-
To
This past week when Sister Semiconductors after Google and Microsoft earnings, took the lead again as the only member to clear back through the weekly channel lows.
The Family got us cautious, prepared us for a correction, then a bounce and now-how do we prepare for this week?
Let’s talk about Semiconductors SMH before we move on.
If it weren’t for our Wonder Woman, would we even be covering the rest of the Family’s potential to rally?
After the spectacularly horrible red candle a week before, this week, with all the fuss, it is still only an inside week.
The green candle showing this past week’s trading range is inside the trading range of the week before.
The best part of the chart is that SMH cleared back into the weekly channel. Now it has more work to do.
Maybe NVDA saves the day?
Looking at Granny XRT-this pop you see off the 200-weekly moving average is a great start.
But is it enough?
Keep $75.00 in mind as XRT MUST clear that level to continue the march higher.
As for the rest of the Family,
The Russell 2000 IWM also had an inside week, holding the 200-WMA and finding resistance at the weekly channel bottom.
Biotechnology IBB, another inside week, is the naughty child in the Family. If IBB can clear the 50-WMA (blue) that would be a positive.
The biggest concern for this week is Transportation IYT.
Basically closing unchanged for the week, a further slide this week will send a red flag.
While last week we were friendlier coming into this past week partly on the heels of relative strength in the Regional Banks sector KRE, this week we will watch IYT CAREFULLY.
We have seen the Family throw curve balls from what bottoms first to what tops out first.
IYT Transportation is super important in gauging the economy and next moves in the market.
Now, isn’t that a lot easier than trying to track interest rates, inflation, economic statistics, earnings, and the media talking heads? Mish did some interesting interviews this past week. Check them out below.
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Mish in the Media
BFM 89.9 Malaysia THE MAGNIFICENT 7 ARE NOW THE FANTASTIC FOUR Mish tells us how much of a divergence are we seeing in terms of performance and why these results still matter in spite of the Fed keeping pat on rates. 04-26-24
The Phoenix Show China Mish talks to The Phoenix Show in China about the upcoming Fed meeting 04-26-24
FOREX ANALYTIC Mish sees opportunities in commodities amid concerns over stagflation 04-25-24
Business First AM Mish covers regional banks, the small caps, value stocks, retail and bitcoin-with levels for you to act upon 04-23-24
Singapore Breakfast Bites Where are rates going? Mish talks about the higher for longer and why the FED could pivot on that 04-19-24
Neil Cavuto Coast to Coast Fox All About Netflix-Mish predicted that the stock peaked BEFORE the earnings report 04-18-24
Schwab Network Where the consumer will go next to spend money with Nicole Petallides 04-17-24
CMC Markets Technical trading-what how mish points out why the dollar could peak against the Yen 04-17-24
Stockpick.app Partial-sign up for the app and hear the analysis every week 04-15-24
Kitco News with Jeremy Szafron A clear explanation on why gold is up, inflation, Fed’s next moves and where things are going from here 04-13-24
CMC Markets Take a ride with Mish and she goes through commodities, indices and currencies and gives you a short-term game plan using long term bias 04-10-24
CNBC Asia Inflation is Coming Which bodes well for industrial and precious metals.04-10-24
Making Money With Charles Payne Mish talks about small and mid-cap stocks and why sticking to companies with strong balance sheets and earnings growth makes for best investments 04-02-24
CNBC Worldwide Exchange Tesla is one aspect of a much larger megatrend in EVs. Mish covers the advantages/disadvantages of the company and the space 04-02-24
Coming Up:
April 30 Real Vision Daily Briefing
May 3 Benzinga Pre Market Prep
May 10 Financial Sense with Jim Pupluva
Weekly: Business First AM, CMC Markets, andnew to us-stockpick.app
ETF Summary
S&P 500 (SPY) Still in a caution phase-500 now support 511 the 50-DMA resistance
Russell 2000 (IWM) Still in a caution phase-190 support 200-202 resistance
Dow (DIA) Still in a caution phase 380 support 388 resistance
Nasdaq (QQQ) Still in a caution phase 430 resistance 437 resistance
Regional banks (KRE) 45-50 range
Semiconductors (SMH) Still in a caution phase 204 Support 220 resistance
Transportation (IYT) 65 support 67 resistance
Biotechnology (IBB) 128 resistance 125 support
Retail (XRT) 71.50 support 75 resistance
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Under 76.50 caution
20240427
