Mish’s Daily: Start of a Market Correction or a Summer Rally?
Mish’s Daily: Start of a Market Correction or a Summer Rally?
Written by Michele ‘Mish’ Schneider
On June 3rd I recorded a 20-minute video for StockchartsTV.
The thesis is to explore whether we are at the beginning of a market correction or gearing up for a summer rally.
Interestingly, I start with the Granddaddy of the US Economy and our Economic Modern Family-the Russell 2000 (IWM).
Today, not only did IWM hold clutch support, (which I surmise could happen) but I also go through a level the Transportation sector (IYT) has to clear and why long bonds could ultimately send a warning (TLT).
I go on to analyze COIN, PLTR, CANE and KRE among others.
Basically, I share a MACRO view, focusing on price charts and notable outliers.
And then I help you discover where to put your money, no matter the market direction.
I am super proud of this work and of all the comments I got on the YouTube.
And wait, there’s more!
To see the video please click on the link below
Table of Contents
00:00 – Intro
01:05 – Russell 2000 ETF (IWM), Transportation Average ETF (IYT)
06:38 – S&P Regional Banking ETF (KRE), 20+ Year Treasury Bond ETF (TLT)
11:34 – iBoxx $ High Yield Corporate Bond ETF (HYG), Nasdaq Biotechnology ETF (IBB)
14:20 – Consumer Staples Sector (XLP)
15:21 – Coinbase Global (COIN), iShares Silver Trust (SLV)
19:09 – Teucrium Sugar Fund (CANE), Palantir Technologies (PLTR)
21:08 – Nu Skin Enterprises (NUS)
Educational purposes only, not official trading advice.
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Mish in the Media
StockChartsTV Mish walks you through the chance of a bigger correction and/or summer rally and what to look for 06-03-24
Schwab Network with Nicole Petallides Mish and Nicole discuss areas to watch after a fabulous first 1/2 of the year. 05-31-24
Making Money with Charles Payne Mish talks with Charles on warning signs and yet picks to watch 05-28-24
Real Vision The Daily Briefing Without commercials 05-24-24
Coming Up:
June 21 Schwab
July 2 Yahoo Finance
July Date TBD Wealth 365
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) New all-time high
Russell 2000 (IWM) 210.80 ATHs resistance 200 support
Dow (DIA) 40k resistance
Nasdaq (QQQ) New all time high along with Nvidia
Regional banks (KRE) Watching the range 45-50
Semiconductors (SMH) New all time high
Transportation (IYT) Needs to clear back over 64.00 and stick
Biotechnology (IBB) 135 support
Retail (XRT) 75-80 trading range to break
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77-support to hold once again
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