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Is the Transportation Sector Starting to Lead?

Over the weekend, we covered the weekly charts of the Economic Modern Family. And…

Given that yields begin this week higher.

Given that earnings season kicks into gear with banks, the weakest sector so far, surviving.

Given that the seasonality of April point bullish for the S&P 500.

Given all of that… we have a keen eye on our Transports.

The ETF (IYT) looks interesting on the Daily chart. Being above the 200-day moving average (green) yet below the 50-DMA 9Blue), IYT is compressing at a critical juncture. Furthermore, momentum according to our Real Motion Indicator shows no divergence, yet does have some upward movement along with price.

Given the importance of our demand sector of the Family, what else needs to happen?

If you thought to yourself that Mish will probably show the 23-month moving average for IYT, gold star!

Last week, Transportation (IYT), closed over the 50-week moving average and is in a bullish phase. The monthly chart though, is key. Should IYT breakdown below 223, I would take that to mean caution. However, should IYT clear 240 and hold, especially if the April positive seasonality factor kicks in? Then, our Transports, the trains, planes and automobiles sector, could defy, at least for a while, the Sell in May platitude crowd.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

IT’S NOT TOO LATE! Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

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Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Mish joins David Keller on the Thursday, May 13 edition of StockCharts TV’s The Final Bar, where she shares her charts of high yield bonds, semiconductors, gold, and regional banks.

Mish shares her views on natural gas, crude oil and a selection of ETFs in this appearance on CMC Markets.

Mish talks what’s next for the economy on Yahoo! Finance.

Mish joins Bob Lang of Explosive Options for a special webinar on what traders can expect in 2023!

Rosanna Prestia of The RO Show chats with Mish about commodities, macro and markets.

Mish talks opportunites in the market in this appearance on Business First AM.

Mish and Charles Payne rip through lots of stock picks in this appearance on Fox Business’ Making Money with Charles Payne.

Mish talks Beyond Meat (BYND) in these appearances on Business First AM.

In this guest appearance on the Madam Trader podcast, recorded March 20, Mish shares her journey from special education teacher to commodoties trader and now trading educator. Hear her insights on the spring 2023 market conditions and how to harness the right skills to succeed.

Coming Up:

April 19th: Closing Bell on Cheddar TV

April 20th: Benzinga Pre-Market Prep and Live Coaching Complete Trader

April 24-26: Mish at The Money Show in Las Vegas

May 2-5: StockCharts TV Market Outlook

ETF Summary

S&P 500 (SPY): Tight range to watch this week from 412-415.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): Peeking over the 23-month MA 336–impressive if holds.Nasdaq (QQQ): 312 support, over 320 better.Regional Banks (KRE): 41.28 March 24 low held, now has to clear 44.Semiconductors (SMH): 258 resistance with support at 250.Transportation (IYT): 219-228 the wider range to watch.Biotechnology (IBB): 130 major pivotal area-135 resistance.Retail (XRT): 58-64 trading range to break one way or another.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

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