• Sun. Sep 25th, 2022

Mish’s Daily: Don’t Get Caught In The Market’s Confusion | Mish’s Market Minute

Mish's Daily: Don't Get Caught In The Market's Confusion | Mish's Market Minute


For the moment, the stock market continues to defy the notion that inflation or slower economic growth is hurting US businesses. Corporate earnings have slightly underperformed, but the stock market has continued on a trajectory upwards since the middle of July.

Technology (XLK) was today’s best performing sector, logging 2.66% daily gains, and is one of the best sectors driving this market. With technology leading the way, it is no surprise that the NASDAQ is leading the way for all three indices.

The NASDAQ 100 is the only index decidedly through resistance, yet still faces more overhead resistance and needs to continue trending higher in the coming days to keep the uptrend intact.

Click here to read more about attractive ETF sectors and actionable trading levels.

All major U.S indices advanced, as the first week of August trading is well underway. However, investors question if the current uptrend can continue after a spectacular month of returns in July.

U.S. Indexes have managed to keep the rally that began earlier this summer going in August, with more higher highs and higher lows. As I wrote yesterday, investing in an inflationary environment can be challenging. The markets have been volatile, but stocks have trended steadily higher, with corporate earnings performing well.

As my subscribers know, I am investing and holding precious metals, but I also have a few positions in growing companies, especially in disruptive technology like the ETF ARKK.

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Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

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In this appearance on Business First AM’s Trader Talks, Mish explains why Clover Health (CLOV) can rally.

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  • S&P 500 (SPY): 416.75 now closest resistance point with first level of support of 411.07.
  • Russell 2000 (IWM): 190.72 the first resistance point with close support at 188.20.
  • Dow (DIA): 329.82 resistance and support at 325.82.
  • Nasdaq (QQQ): 325.75 1st level of resistance and support at 318.01.
  • KRE (Regional Banks): 64.21 key resistance, support level at 63.17.
  • SMH (Semiconductors): 245.45 now pivotal support 237.50.
  • IYT (Transportation): 237.00 key resistance and support at 234.12.
  • IBB (Biotechnology): 128.85 resistance point and 125.66 is support.
  • XRT (Retail): 67 first resistance point and now support is 65.2.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Mish Schneider

About the author:
Mish Schneider serves as Director of Trading Education at MarketGauge.com. For nearly 20 years, MarketGauge.com has provided financial information and education to thousands of individuals, as well as to large financial institutions and publications such as Barron’s, Fidelity, ILX Systems, Thomson Reuters and Bank of America. In 2017, MarketWatch, owned by Dow Jones, named Mish one of the top 50 financial people to follow on Twitter. In 2018, Mish was the winner of the Top Stock Pick of the year for RealVision.

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Image and article originally from stockcharts.com. Read the original article here.