Mish’s Daily: Granddad Russell 2000 Hurdles the July Calendar Range
Mish’s Daily: Granddad Russell 2000 Hurdles the July Calendar Range
Written by Michele ‘Mish’ Schneider
Very Simply, small caps are on fire!
Note the small green horizontal line.
That is the new July 6-month calendar range high.
IWM handled it like a champ!
Plus, look at the leadership chart.
IWM outperforms the benchmark.
Finally, look at the momentum chart or Real Motion.
Momentum is flying alongside price.
What does this all mean?
Back in January 2022, IWM traded at 227 while the all-time high was made in June 2021 at 233,64.
That makes 227 an interesting point to watch.
Furthermore, should IWM get any correction, the July range high gives you a support level at 218-219.
Finally, with all cylinder’s firing, until we see a bearish momentum in divergence, or the price fails the July range support with momentum holding, the gameplan is stay the course.
Today Mish appeared on Schwab. She covers:
The Inside Sectors Or Economic Modern Family
Along with the Family, bitcoin, solar, biotech, the election
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Educational purposes only, not official trading advice.
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Mish in the Media
Schwab Network The Inside Sectors Or Economic Modern Family 07-16-24
Making Money with Charles Payne Charles Loves Mish’s Silver Pick 07-09-24
Stockcharts TV Mish covers next steps for the market 07-09-24
Stockpick.app One minute on why Mish loves silver 07-09-24
Business First AM Mish’s Pick: Ulta Beauty (ULTA) 07-08-24
Business First AM Mish Picks Amplify Data Sharing ETF (BLOK) 07-08-24
Kitco News Article Gold was the winner in the 2024 Presidential Debates 06-28-24
Yahoo Finance Mish talks about how JP’s uncertainty makes some investors uncertain as well and why 07-02-24
Financial Sense Jim Puplava Mish discusses the debate and all thing AI/Commodities 06-29-24
CNA Asia First Why This Week is Critical to Next Market Direction. Mish in Singapore calms investors with smart practical advice 06-25-24
Stockpick.app Where is the money-and why we love silver still 06-24-34
Business First AM More on the inside sectors and why we like South Africa ETF 06-25-24
Coming Up:
July 23Virtual Money Show
August 2 Yahoo Finance
August 5 Breakfast Bytes Singapore radio
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) New all time highs and 5600 pivotal
Russell 2000 (IWM) January 2022 IWM ran to 227 before the big collapse-take some profits if long
Dow (DIA) New all time highs
Nasdaq (QQQ) 500 pivotal and still working off that nasty bearish bar on the chart
Regional banks (KRE) 55 now support with 60 next level to watch
Semiconductors (SMH) 260 -280 range
Transportation (IYT) 67 now support
Biotechnology (IBB) I still like this sector-152 resistance
Retail (XRT) Granny got her groove-now 77.50 support
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Multi-year highs
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