Starting with Fed Chairman Powell:
- Most Recent Labor Data Sends Signal of Cooling
- Labor Market Appears to Be Fully Back In Balance
- No Longer A Heated Economy
- ‘We Are Well Aware’ We Face Two-Sided Risks
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 Summary
S&P 500 (SPY) 5400 support 5600 resistance
Russell 2000 (IWM) 197-205 tightest range to watch
Dow (DIA) 40k resistance
Nasdaq (QQQ) Meager consolidation at the all-time high
Regional banks (KRE) Watching the range 45-50 CAREFULLY
Semiconductors (SMH) 260 -280 range
Transportation (IYT) Not pretty under 64
Biotechnology (IBB) 140 pivotal resistance
Retail (XRT) 200 week moving average support at 72.75. Needs to recapture 74.50
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now
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