Monday Quarterbacking The Major Sector ETFs -

Monday Quarterbacking The Major Sector ETFs

Jul 29, 2024Jeremy ParkinsonFinance0

Over the weekend we had a lot to say about our Family.

“If IWM takes out the 227 level, we see no reason why the rally should not continue.”

“Sister Semiconductors SMH, after a huge bearish move the week prior, followed through with more downside this past week.”

“Regional Banks KRE or our Prodigal Son, has had 3 spectacular weeks in a row. With KRE we still do not know if this is a massive technical bear market rally or a new bull market.”

“XRT held the weekly channel low. Granny, with all the doom and gloom, closed the week up. Are there headwinds? Sure.”

“IBB looks well on its way to 160 area.”

“If IYT joins in the rally, it will most likely infer a sea change coming for the Fed as well.”

“Let us not forget that the long bonds TLT have their own look of a squeeze coming.”

A lot of “ifs.”So, it is any big surprise that the week begins with all the Family thus far, trading inside last week’s trading range?All but Retail XRT. But XRT only garnered a rally early in the day and settled within last week’s range.We got some waiting and wading to do given earnings, FOMC and jobs report all happening.
ETF SummaryS&P 500 (SPY) 540 supportRussell 2000 (IWM) 217 support 227 resistanceDow (DIA) 400 supportNasdaq (QQQ) weekly support 463Regional banks (KRE) 54 now support with 60 next level to watchSemiconductors (SMH) 230 important supportTransportation (IYT) 64.10 support 67 resistanceBiotechnology (IBB) 146 support 150 resistanceRetail (XRT) 75 support 77.50 resistanceiShares iBoxx Hi Yd Cor Bond ETF (HYG) 78.00 supportMore By This Author:Did The Market Just Rally Into Resistance?
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