Big View Slaps Stock Bulls With Warnings as Indexes Approach Resistance
Michele Schneider | Nov 29, 2023 12:37AM ET
Monday after the close, some warning signs from our risk gauges popped up.
These are especially interesting given the number of bulls and the amount of money coming into the market.
Technically, we still have the resistance that has not cleared in small caps, retail, or transportation.
And this with a declining dollar, bullish gold, plus renewed buying in agricultural commodities.
Could these warnings reverse?
Yes, but this is the most risk-off we have seen as far as the gauges since April.
SPY (S&P 500) is now on par with TLT (long bonds)-you don’t want TLT to outperform risk-off.
HYG (junk bonds) underperforming TLT risk off.
SPY is now underperforming GLD (gold)-risk off.
WOOD underperforming GLD-risk off.
Risk-off means just that - so pay attention, these gauges are incredible.
h2 ETF Summary/h2- S&P 500 (SPY) 450 support 465 resistance
- Russell 2000 (IWM) 181 resistance 174 support
- Dow (DIA) 360 resistance 346 support
- Nasdaq (QQQ) 388 now pivotal support
- Regional banks (KRE) 45 big resistance
- Semiconductors (SMH) 160-161 pivotal support
- Transportation (IYT) 235 support
- Biotechnology (IBB) 120 pivotal
- Retail (XRT) 65 resistance and 60 pivotal support
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