Connect with us

Hi, what are you looking for?

Editor's Pick

UPSidedown Earnings Sink Stocks

Weak earnings and even worse conference calls drove UPS (UPS) and First Republic Bank (FRC) down right from the open, then even lower as the day unfolded. Between these stocks, two of market’s primary fears came to the forefront–a weakening consumer and problems in the banking system.

Further confirming that the market would not recover from these fears and a lower open was the price action in the TLT, which gapped higher and continued higher. TLT is still where risk-off equity money runs to hide and wait.

Lower interest rates, fear, and lower stocks gave GLD reasons to rally out of a reversal pattern. After testing the 184 level and breaking out of an inside day pattern, it’s set up for a potential run higher IF it can close over its nearby 10-DMA and then continue higher. Gold bulls should keep an eye on it.

UPS is the obvious reason that IYT was the biggest loser in the sector summary table today, and if you’ve been reading this Daily over the last couple of days, then the second biggest loser, discussed below, won’t surprise you.  Additionally, the intraday patterns we’ve been discussing based on the Opening Range did their job today by highlighting that it was not a good day to try to buy the lower open and instead, it would be a trend day lower.

The second biggest losing sector was, as we’ve been following, SMH. Today’s anticipated breakdown puts SMH well below its 50-DMA, while the SPY and QQQ are still above their 50-DMAs. Until it gets back over its 50-DMA or develops a bullish reversal pattern, this should be avoided.

Every sector was down today, so there are likely to be more trend-down days in the near term. Today was a good example of how to recognize and avoid them. Below, you’ll see the intraday charts of the SPY and QQQ, with the Opening Range levels marked by the red and green horizontal lines.

Today was a good example of an OR breakdown in the SPY that attempts to reverse, but it was not confirmed by the QQQ.

After the failure of the QQQ to trade back over its OR low, the retracements to the OR low pattern in both the SPY and QQQ became confirmed bearish trend continuation patterns, and the trend down day resumed with a vengeance.

This is the busiest period of earnings season, so every day has the potential to be filled with surprises. Keep an open mind and a disciplined approach to your trading.

Are you at or going to the Las Vegas Money Show this week?

Meet up with Mish – she’s there too!

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.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

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 and Benzinga discuss the current trading ranges and what might break them.

Mish discusses what she’ll be talking about at The Money Show, from April 24-26!

Mish walks you through technical analysis of TSLA and market conditions and presents an action plan on CMC Markets.

Mish presents two stocks to look at in this appearance on Business First AM — one bullish, one bearish.

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 joins Wolf Financial for this Twitter Spaces event, where she and others discuss their experiences as former pit traders.

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

Coming Up:

April 24-26th: Mish at The Money Show in Las Vegas — two presentations and a book giveaway

April 28th: Live Coaching Complete Trader and TD Ameritrade with Nicole Petallides

May 2nd-5th: StockCharts TV Market Outlook

ETF Summary

S&P 500 (SPY): The new range to watch is 405-410 on a closing basis.

Russell 2000 (IWM): 170 support–180 resistance.

Dow (DIA): Over the 23-month MA 333–support to hold.

Nasdaq (QQQ): 306 support, over 320 better.

Regional Banks (KRE): 44 now pivotal resistance.

Semiconductors (SMH): 245 resistance, with support at 235.

Transportation (IYT): Still under the 23-month MA with 224 resistance; 215 is Real Motion support.

Biotechnology (IBB): 130 major pivotal area–135 resistance.

Retail (XRT): 58-64 trading range to break one way or another.

Geoff Bysshe


    You May Also Like


    On the surface, index and stock options are very similar. Still, there are some differences that traders should be aware of. Understanding these differences...

    Latest News

    The FBI was not forthcoming with the Trump, Biden and Pence classified documents during a House Intelligence Committee briefing last week, and lawmakers still...

    Editor's Pick

    iBASIS and Sequans have been selected by Actility to meet its delivery schedule for eSIM and iSIM iBASIS and Sequans now considered frontrunners in...


    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024