I hear a symphony.

Only there are some discordant notes.

On the one side of the orchestra, we have Nasdaq FAANG and Tech building to a crescendo.

On the other side we have the Russell 2000, Retail Regional Banks and Granny Retail, sounding more like a rat-a-tat-tat, then quiet.

Therefore, while the audience focuses on the crescendo, some of us are watching the sporadic drumming of the Family more closely.

(Click on image to enlarge)

Retail XRT sits above the 50-week moving average but below the 200-week moving average. Clearly, to help her drum louder, XRT needs to clear that 200-WMA.

The Russell 2000 IWM is under both the 50 and 200-WMAs. Maybe a good beating with a drumstick will wake him up.

Biotechnology IBB has to hold the recent breakout. We would not want to see it fail to follow through after looking so promising.

Regional Banks KRE can barely brush the cymbal. This is where all the stress of the economy is seen.

Transportation IYT is not exactly creating any good vibrations either. It needs to.

Meanwhile, our sister Semiconductors SMH plays with the loudest part of the orchestra. We might even say, she is conducting!

A 2-minute rundown on the regional banks from June 22, 2020.

S&P 500 (SPY) Inside day. 313 pivotal. 320 big resistance 302 support

Russell 2000 (IWM) 147.20 resistance with support at 140-141

Dow (DIA) 260 support 263 resistance

Nasdaq (QQQ) New all-time high making 247.82 (the last high) a pivotal point

KRE (Regional Banks) 41.65 resistance 40.00 pivotal, 37.00 major support

SMH (Semiconductors) Inside weeks- 139.78 last week’s low-155 resistance

IYT (Transportation) 158 support 168 resistance

IBB (Biotechnology) 136 support

XRT (Retail) 200-DMA 40.50 support to hold 43.50 resistance

Volatility Index (VXX) 34.50-38.50 range

Junk Bonds (JNK) LQD (iShs iBoxx High yield Bonds) Sitting on support