Mish’s Daily: Intel-Traders Have Not Missed the Boat
Mish’s Daily: Intel-Traders Have Not Missed the Boat
Written by Michele ‘Mish’ Schneider
This is technically, turnaround Tuesday.
And yet, I struggled to find something that is truly turning around.
Plus, I found it difficult to decide on whether to focus on what has turned down versus higher.
The overall market indices and sectors did not turn down enough to warrant a declaration. And, we have the Fed meeting on tap.
Then I thought about it some more.
What have I been saying in the media:
Buy hard assets (sugar latest Daily commentary) and buy stocks that are breaking out of a base.
The risk/reward has worked far better than buying stocks that are free falling hoping for a bottom.
That is why I turn to Intel.inc.
The best news, it is hardly too late to have a look at the stock.
Intel has a good solid base going back to October/November 2024.
On the daily chart, INTC is in an accumulation phase.
Momentum and leadership are strong.
On the weekly chart, INTC has more work to do.
For starters, it must close above the 50-weekl moving average it is now sitting on.
Secondly, it must close over the highest weekly close going back to November or over 26.25. Then, INTC has the potential to see 32 next, then 40.00
Educational purposes only, not official trading advice.
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ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 575 big resistance 560 support
Russell 2000 (IWM) 202 support 215 resistance
Dow (DIA) 415 support 421 resistance
Nasdaq (QQQ) 485 resistance
Regional banks (KRE) 54 support 58 resistance
Semiconductors (SMH) 222 support 245 overhead resistance
Transportation (IYT) 65.00 pivotal
Biotechnology (IBB) 134 support 140 to clear
Retail (XRT) 70 now resistance to clear
20250319
