What Market Sectors Are Waiting To Make A Break Higher?
Michele Schneider | Jan 14, 2020 03:27AM ET
With so many sectors exploding to the upside already, what is left to move higher?
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Regional Banking ETF (NYSE:KRE) is already in standing position and has room to run.
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We start off the week trading within the trading range of last week. With bank earnings on tap, I’d watch KRE to take out 57.75.
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After last week’s doji candle (the opening and closing price for the week was the same (45.08-45.10), this week, to go from a down to an up Retail ETF (NYSE:XRT) has to clear/close over 45.50 as a start.
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Should the market hold, the Transportation (NYSE:IYT) is most likely going to make a power move.
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Also starting out with an inside trading week, through 198.45 and after weeks of consolidation above 190.00, IYT could gain speed and momentum.
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Freeze movement or no movement at all, could belong to the Biotechnology ETF (NASDAQ:IBB)
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As the first of the Economic Modern Family members to breakout back in early October, it is possible that this week, IBB halts from selling off, but also continues to trade as if frozen at current levels.
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With the Vice Premier of China in the US ahead of the planned Phase One Trade Deal signing, that could be just the breakbeat these sectors need.
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S&P 500 (SPY) Closed out on a new all-time high. 324.10 support
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Russell 2000 (IWM) 165.35 pivotal
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Dow (DIA) Inside day. 287.15 support to hold
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Nasdaq (QQQ) Closed out on a new all-time high. 216.15 support to hold
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KRE (Regional Banks) Holding the 50 DMA right around 57.00
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SMH (Semiconductors) Inside day. 142.95 support to hold
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IYT (Transportation) 195 pivotal support 200 key resistance.
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IBB (Biotechnology) 121.91 resistance and 115.50 support
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XRT (Retail) 45.50-46.00 pivotal resistance. 44.78 the 50-DMA
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