Start of a Market Correction or a Summer Rally?
2024.06.06 05:33
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 ().
Today, not only did IWM hold clutch support, (which I surmise could happen) but I also go through a level the Transportation sector () has to clear and why long bonds could ultimately send a warning ().
I go on to analyze , , CANE and 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 YouTube.
Here is a sample:
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 (NYSE:)
19:09 – Teucrium Sugar Fund (CANE), Palantir Technologies (PLTR)
21:08 – Enterprises (NUS)
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 (NASDAQ:)
- 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
