Even the biggest grinches on Wall Street may have to reconsider their outlook for the final trading days of 2023 as US stocks rallied on surprise consumer confidence numbers and strong gains from Nike (NKE) and FedEx (FDX). This is reason for some holiday cheer and signals that there can be good financial news in turbulent times.
The chart above shows Mish’s Modern Family members and their 20-day and 50-day time Moving averages in the last two months. The Modern Family includes six key exchange-traded fund (ETF) symbols that provide a comprehensive guide to the stock market. Every member of the family is recovering in price today, with IBB leading and KRE the weakest link.
Semiconductors have weighed heavily on Wall Street. We’re going to examine Sister Semiconductors (SMH) and see what they have to say about it now.
Mish’s Modern Family is a reliable gauge for measuring overall macro factors, and analyzing family members and their relationships can help spot less obvious market patterns. A diversified and systematic approach to managing risks, trades and portfolio strategies is essential, which is why we continue to monitor all Modern Family members on a daily basis.
No matter what happens in the stock market on any given day, there will always be stocks and sectors that are bitchy — when others are bitchy. SMH is a valuable benchmark for any trader, investor or financial professional evaluating the technology sector.
Sister Semiconductors is trying to regain its 200-day moving average. SMH briefly crossed the 200-day moving average before finding support near the 50-day moving average. If SMH regains and sustains its 200-day moving average in the coming weeks, it could signal a significant shift in the market.
However, the ongoing uncertainty in global markets has caused many investors to avoid the semiconductor industry. Weak sales have weighed heavily on chipmakers including Intel (INTC), Qualcomm (QCOM), Texas Instruments (TXN), AMD, Micron (MU) and Nvidia (NVDA) to name a few. While some investors are rightly concerned, there is also an opportunity for savvy investors with market timing and trading skills to invest in the price rally of sister companies in the semiconductor industry.
If you would like to learn more about how Real Motion can help you trade with an advantage, contact Rob Quinn, our Chief Strategy Consultant, who can provide more information Mish’s premium trading service with a free one-on-one session.
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- S&P 500 (SPY): 380 support and 390 resistance.
- Russell 2000 (IWM): 170 central support and 180 resistance.
- Dow (DIA): 330 support and 337 resistance.
- Nasdaq (QQQ): 269 support and 278 resistance.
- Regional Banks (KRE): 53 Support and Resistance 61.
- Semiconductor (SMH): Support is at 205, resistance is at 217.
- Transport (IYT): 211 is central support and 222 is now resistance.
- Biotechnology (IBB): 130 is the central support and 139 is the overhead resistance.
- Retail (XRT): 57 central support and 63 is now resistance. 60 recovered.
Misch Schneider
MarketGauge.com
Director of Trade Research and Education
Wade Dawson
MarketGauge.com
portfolio manager
Misch Schneider serves as director of trading education at MarketGauge.com. For nearly 20 years, MarketGauge.com has provided financial information and training to thousands of individuals, major 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 professionals to follow on Twitter. In 2018, Mish was the winner of Top Stock Pick of the year for RealVision.
