Economically the modern family has a fractured weekly chart | Mish’s Market Hours

Over the weekend, I covered the daily chart of the Economic Modern Family, which includes the Russell 2000 (IWM) and Retail (XRT). Both are lagging their benchmarks and in the middle of their January trend calendar range.

As Semiconductors, NASDAQ, Dow, and S&P 500 continue to hit new all-time highs and break January trend highs, I continue to look for evidence that the rest of the stock market will soon follow or settle in. So I look at the weekly charts. Only Semiconductors (SMH) and Transportation (IYT) are in a bullish phase for the week (when the blue 50-WMA is above the green 200-DMA along with prices). While SMH is breaking new highs, IYT has a long way to go even in its bullish phase.

What about the rest of the family? The good news is that no one is in a downward phase. Regional Bank (KRE) and Biotechnology (IBB) are both priced below 200-WMA and are in a resistance and recovery phase. Moreover, 50-WMA is below 200-WMA, not above. KRE and IBB are in their weakest weekly phases, making both areas vulnerable to selling.

Retail (XRT) is positioned just above 200-WMA and is in the weekly accumulation phase. I believe the retail sector is key to what happens next because:

1. Expansion ratio between growth price and family sector
2. Big tech profits
3. Month-end Fed meeting and interest rate policy
4. Inflation figures, especially food prices

The consumer sector has been in the game, but is now showing some fatigue. XRT will tell you what comes next.

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Nicole Petallides and Mish take a look at January’s entire trend mode in this video from Schwab Network, so they dive deep into trends and stocks to watch for the next big moves.

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Coming soon:

January 22nd: Your Daily 5StockCharts TV and Schwab Network

January 24: Yahoo! Jae Won

January 25: live coaching

February 2: money show life With Chuck Jaffe

weekly: Business-first AM, CMC market

• S&P 500 (Spy): 480 is now a pivotal area.
• Russell 2000 (IWM): It has 195 backbones and 190 supports.
• Dow (HE): Supports 375.
• NASDAQ (QQQ): Supports 408-409.
• Local Bank (KRE): I’m over 50 and need to maintain it.
• Semiconductor (SMH): Supports 184.
• Transportation (IYT): 254 support with 262 resistance.
• Biotechnology (IBB): 135 is the key.
• Sleeve (XRT): Support held at 65 but still needs to recover above 70.00.

Misch Schneider

MarketGauge.com

Director of Trading Research and Education