Michael Yorba of CEO Money has honored me with a weekly invite to appear on his show. During the latest interview (we have done four weekly interviews thus far), we mainly cover the macro viewpoint with both fundamental and technical analysis.
Please have a listen, as we analyze five essential points that will tell us what the market’s next direction is.
Here are the top five questions answered:
And we end with:
5. Why should we be thankful for the stock market?
The link to the interview:
S&P 500 (SPY) Friday close not very impressive. Recent low 259.85. Last week’s low 267. Resistance at 267
Russell 2000 (IWM) 150 pivotal. Recent low 144.70
Dow (DIA) 248.50 resistance. 241.05 the October low.
Nasdaq (QQQ) Made a new multi-month low today at 157.13. Resistance now at 160.09 the October low
KRE (Regional Banks) If cannot get through 55, I’m guessing we move closer to 50 soon.
SMH (Semiconductors) 86.95 recent low. 90.00 pivotal support. Resistance at 92.45, the 93.25. Only a monthly close over 94.60 can turn this around.
IYT (Transportation) 186.50 now pivotal interim support with best support at 175-176. Resistance at 188.75 then major at 194.
IBB (Biotechnology The 200 WMA at 104.75-not only major resistance but could not clear on Friday. 100-101-a wall of support
XRT (Retail) 45.00 pivotal, if clears back MAYBE a rally thereafter
