Mish’s Daily: Is Granny Retail Set-up for Further Gains?
Mish’s Daily: Is Granny Retail Set-up for Further Gains?
Written by Michele ‘Mish’ Schneider
If you look up the holdings, Abercrombie and Fitch (ANF) is the second largest in the XRT basket.
That stock has been on fire.
Regardless, a couple or noteworthy technical indicators.
- 1. On the Daily chart, XRT is above the January 6-month calendar range.
- 2. XRT outperforms SPY and on Real Motion, momentum has gained-HOWEVER-is into resistance.
- 3. On the monthly chart, as a late bloomer, XRT cleared the 23-month moving average in December. Since, XRT trades higher than it did in December and January. The 2023 high of 75.77 must clear next to keep the party going.
- 4. On our proprietary indicator of Trend Strength, XRT is ranked 5.
- 5. Most importantly, these recent gains must hold. Otherwise, a move down to 64-68 would be a buy-a-dip opportunity.
Note: Weare including HYG as part of the ETF write-up as this is a lead indicator for risk on/off.
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Coming Up:
February 26 CNA Asia First TV and Radio
February 27 Live Coaching
February 29 Yahoo Finance
February 29 Your Daily Five Stockcharts
March 1 Real Vision 3 Crypto Trades
March 6 Trader’s Summit
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Weekly: Business First AM, CMC Markets
ETF Summary
S&P 500 (SPY) 500 support 510 resistance
Russell 2000 (IWM) 195 support 205 to clear
Dow (DIA) 385 pivotal
Nasdaq (QQQ) 430 support
Regional banks (KRE) Back to the 45-50 range
Semiconductors (SMH) 200 support
Transportation (IYT 276 should hold
Biotechnology (IBB) 135 pivotal 139.50 resistance
Retail (XRT) 73 near-term support
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77 big number to hold
20240227
