Key Market Sectors Remain Above Critical Support at 50-Week MA

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Key Market Sectors Remain Above Critical Support at 50-Week MA

Did this past week really resolve which way the Modern Family wants to go from here?data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

In some ways yes and other ways no.

Yes

1. All are still holding their 50-week moving averages
2. remain in a bullish phase with a good bounce off the 50-WMA
3. The slopes on all the moving averages both 50 and 200 WMA are pointing up
4. Biotechnology corrected perfectly to the 200-WMA and bounced-phase is accumulation-money flow is positive

No

1. Granny ******** above the 50-WMA but could not clear the 200-WMA-phase is recuperation
2. held the 200-WMA but the bounce looks weak, so IWM has more to prove
3. held the critical support above the 200-WMA, but closed the week questionable on whether it can clear the 50-WMA-phase is caution
4. look confused. After a 3-week run higher, they are closing lower for the 2nd week in a row. The phase is recuperation.

That makes the prediction for next week not so easy.

This is why we will call for a lifeline from the Family’s relatives-long bonds and junk bonds to help us.data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Turning our attention to the long bonds , the evidence leans more to risk-off.

First, TLT had a golden cross in July.

Secondly, TLT is above the July 6-month calendar range.

Third, TLT outperforms .

Finally, Real motion shows us that momentum is bouncing.

If the Family is looking for reasons to raise a lot of cash, this is it.

One thing I have learned through the years—

If the market is confused, why should anyone think they shouldn’t be as well?

After all, if I am going to follow anyone’s opinion, it will always only be the opinions that the Family offers. If they are confused, I lighten up.

ETF Summary

• S&P 500 (SPY) 540 resistance with 505 next support
• Russell 2000 (IWM) 210 resistance 199 support
• Dow (DIA) 380 support
• Nasdaq (QQQ) 430 support
• Regional banks (KRE) 50-52 support
• Semiconductors (SMH) 212 support 240 resistance
• Transportation (IYT) 61 support 63.50 resistance
• Biotechnology (IBB) Could not hold recent rally-but ok if maintains a price above 135
• Retail (XRT) Time to watch Monday’s lows to hold
• iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77.00 the nearest key support

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#Key #Market #Sectors #Remain #Critical #Support #50Week

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