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The ultimate technical pattern that represents indecision is when by midweek, the price range remains stuck inside the trading pattern of the week prior.Such is the case with these 4 Economic Modern Family members.Granny Retail held critical support thus far, but still has that 10 month consolidation range to break up or down.Gramps Russell 2000 , to his credit, has hung in there with the rising yields and dollar. Nonetheless, IWM remains rangebound.Transportation also trades inside last week’s range.Regional Banks has a much smaller and narrower range, which makes sense given bank earnings coming up.You put this all together and we have a couple of conclusions.
These 2 members are trading a bit beyond the ranges for last week.Biotechnology , while the range has not wandered too far, remains closer to the lower end of the bigger range from May.Sister Semiconductors , is trading above last week’s highs.While still far from the all-time highs, SMH is doing her job, keeping the market happy.As we end this week with inflation numbers and earnings, (plus storms and geopolitics), watch the way the ranges from last week reconcile, if they do at all.Follow the way the ranges break, or sit tight if the ranges remain well, rangebound.
ETF Summary(Pivotal means short-term bullish above that level and bearish below)S&P 500 () 565 support 595 resistanceRussell 2000 (IWM) Range 215-225Dow () New all-time highsNasdaq () 485 pivotal supportRegional banks (KRE) 52-55 support zoneSemiconductors (SMH) 240 support 255 resistanceTransportation (IYT) 67.00 pivotalBiotechnology (IBB) 140-142 support zoneRetail (XRT) 75 pivotaliShares iBoxx Hi Yd Cor Bond ETF () 79.50 failed so watching for risk factors carefullyMore By This Author:Massive Market ConsolidationTurnaround Tuesday – Rocking October VolatilityFOMC Lowers Rates Aggressively On Hump Wednesday
