Mish’s Daily: More From Mish’s Outlook 2024 – S&P500
Mish’s Daily: More From Mish’s Outlook 2024 – S&P500
Written by Michele ‘Mish’ Schneider
A passage from the Outlook
SPY’s all-time high was made in January 2022 at $479.98.
For now, the chart looks clear. If SPY pushes over 460, we can expect more upside at least until we get near the ATHs.
Should those levels clear, then we are in uncharted territory therefore it is hard to predict a target.
On the flipside, $415 is a clear line in the sand of support.
That statement was from December 1st.
Here are some updated thoughts to add to the great content of the Outlook (which we highly recommend you get your free copy of)
December 22nd is the start date of a Santa Claus Rally. (last 5 trading days)
However,
If Santa Claus should fail to call, bears may come to Broad and Wall.”
What does that mean for now?
SPY gets close but does not clear ATHs.
Extreme greed hit recently along with record inflows.
Folks are convinced the FED will lower rates in 2024.
All positives got too ahead of themselves.
Some of our predictions
If at the close of December, SPY closes under 470, January and 460 is key and pivotal.
If SPY just hangs in there and does not fail, then small caps and retail can shine.
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Mish in the Media
Business First AM Stock pick-Vaxcyte PCVX 11-29-23
Business First AM All about the bullish case for gold 11-29-23
Schwab Network with Nicole Petallides Mish talks about money supply, debt, the consumer, inflation and trends that could gain traction 2024 11-29-23
Your Daily Five StockchartsTV Good Ole Stock Picking-6 with actionable levels 11-28-23
Business First AM–Mish covers Palo Alto and how the quants picked up this winner 11-27-23
Real Vision Daily Briefing Mish and Maggie cover Inflation, Tech, Commodities and Picks 11-20-23
Coming Up:
December 22 Yahoo Finance
December 28 Singapore Breakfast Radio
January 2nd Final Bar Stockcharts Dave Keller
January 5th Daily Briefing Real Vision
Weekly: Business First AM, CMC Markets
ETF Summary
S&P 500 (SPY) 480 all-time highs 465 underlying support
Russell 2000 (IWM) 200 pivotal and 194 support
Dow (DIA) Needs to hold 370
Nasdaq (QQQ) 410 resistance with support at 395
Regional banks (KRE) 47 support 55 resistance
Semiconductors (SMH) 174 pivotal support to hold this month
Transportation (IYT) Needs to hold 250
Biotechnology (IBB) 130 pivotal support
Retail (XRT) Huge gap up last 2 days of the week that now needs to hold.
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