Hopefully, you all read last night’s Daily (07-29-19) on the Silver to Gold ratio and were able to take advantage of today’s set up.
If you recall, I wrote,” With the consolidation (SLV), we also see the price line retrace back perfectly to the black line or MA (in the ratio chart).
That is what we call a perfect retracement, or another buy opportunity.”
As the market awaits lots of important stock earnings and the FOMC, below see notable levels to watch.
S&P 500 (SPY) 302.23 the ATH. 300.00 pivotal. Under 299.50 some trouble.
Russell 2000 (IWM) Clutch day as this could have killed the market. 158.03 has to clear 154.60 has to hold
Dow (DIA) 273.99 all-time high. 270.50 must hold.
Nasdaq (QQQ) ATH at 195.55. 193.00 now the pivotal support
KRE (Regional Banks) 56.75 next point of resistance with 54.62 key support
SMH (Semiconductors) ATH at 123.56. 120.71 now pivotal support. If breaks see 118.70 next
IYT (Transportation) 195.28-191.25 the range we will watch to see which way it breaks.
IBB (Biotechnology) Unconfirmed recuperation phase. 105.42 the 50-DMA pivotal. 106.50 some resistance. 107 better resistance
XRT (Retail) 43.12 is my number to clear. 42.10 key to hold