depositphotos Starting with Fed Chairman Powell:
Last night I wrote that “We have heard many discussions on whether small caps (Granddad Russell 2000 IWM) really matter for the market.”The chart above is clear.Do we care about the small caps?Is there a correction coming in large caps?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 SummaryS&P 500 (SPY) 5400 support 5600 resistanceRussell 2000 (IWM) 197-205 tightest range to watchDow (DIA) 40k resistanceNasdaq (QQQ) Meager consolidation at the all-time highRegional banks (KRE) Watching the range 45-50 CAREFULLYSemiconductors (SMH) 260 -280 rangeTransportation (IYT) Not pretty under 64Biotechnology (IBB) 140 pivotal resistanceRetail (XRT) 200 week moving average support at 72.75. Needs to recapture 74.50iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for nowMore By This Author:Can Momentum Build In Small Caps? U.S. Centric IndicatorsHow Important Is Lithium In Making EVs?
