Yesterday we discussed the position of the market.
How did that all work out for Tuesday, January 14th?
JPMorgan Chase (NYSE:JPM) reported well before the open. That gave KRE, our Regional Banks a move up, but only marginally so. With lots more banks reporting, KRE remains on watch.
S&P Retail ETF (NYSE:XRT) did move from her lower position. It headed right into resistance, so again, remains on watch.
Transportation ETF (NYSE:IYT) was the power mover or star of the Economic Modern Family.
With Amazon (NASDAQ:AMZN) lifting the ban on FedEx (NYSE:FDX) as a carrier for their deliveries, IYT powered over 200. Now, it has to hold right around there to remain a star.
Biotechnology ETF (NASDAQ:IBB) sort of froze. Although IBB rose even more than IYT did, IBB also has resistance to clear over 122.
Wednesday and Thursday will be exciting to watch unfold. With the Phase One deal on tap, along with the seasonal calendar about to change, here are the breakbeat key levels….
S&P 500 (SPY) Inside day after the new all-time high. 324.77 support
Russell 2000 (IWM) 165.50 pivotal
Dow (DIA) Made a new all-time high. 287.64 the level to hold
Nasdaq (QQQ) Made a new all-time high. 217.00 support to hold
KRE (Regional Banks) Holding the 50 DMA right around 57.00-needs to clear 57.75
SMH (Semiconductors) New all-time high 143.31 support to hold
IYT (Transportation) 198.50 pivotal support
IBB (Biotechnology) 121.91 resistance and 115.50 support
XRT (Retail) 45.50-46.00 pivotal resistance. 44.80 the 50-DMA