Stock Markets Analysis and Opinion
Are Large Caps Bracing for a Pullback?
2024.07.10 06:24
Starting with Fed Chairman Powell:
- Most Recent Labor Data Sends Signal of Cooling
- Labor Market Appears to Be Fully Back In Balance
- No Longer A Heated Economy
- ‘We Are Well Aware’ We Face Two-Sided Risks
Last night I wrote on the :
“We have heard many discussions on whether small caps matter for the market.”
The chart above is clear.
Do we care about the small caps?
Is there a correction coming in large caps (NASDAQ:)?
Did Powell say anything, really?
As we all try to read between the lines, please have a look at where you might consider parking money right now.
ETF Summary
- (SPY) 5400 support 5600 resistance
- Russell 2000 (IWM) 197-205 tightest range to watch
- Dow (DIA) 40k resistance
- Nasdaq (QQQ) Meager consolidation at the all-time high
- Regional banks (KRE) Watching the range 45-50 CAREFULLY
- Semiconductors (SMH) 260 -280 range
- Transportation (IYT) Not pretty under 64
- Biotechnology (IBB) 140 pivotal resistance
- Retail (XRT) 200 week moving average support at 72.75. Needs to recapture 74.50
- iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now
