Wonder Woman Semiconductors

After Monday’s Mexican Hat Dance, today we witnessed the woman who picked up the sombrero and held it high.

Not only did she hold it high, using her Amazonian strength, she sent it as a projectile higher.

Who is that wondrous woman?

Our very own female representative of the Modern Family, Sister Semiconductors.

Sister Semiconductors, like Wonder Woman, possesses an arsenal of advanced technology.

In the Semi’s ETF SMH basket is Micron Technology (MU) and ASML Holdings (ASML). They’ve performed like a pair of indestructible bracelets. ASML made a new all-time high while MU digests its recent one.

Meanwhile, although SMH did not clear 80.00, she inspired some of her other family members to take her lead.

Wonder Woman lent her Sandals of Hermes, which allows her to instantly traverse great distances, to her Trans sibling.

Can Transportation now walk a mile in her sandals?

Transportation (IYT) made an impressive move once it cleared 161. Better still, the average daily volume indicates buying interest as well as short covering.

Nevertheless, the question of whether IYT can continue to rally out of its Warning Phase back into a Bullish Phase is legitimate.

If history repeats itself, for Trans to hold, Granddad Russell 2000 must offer motivation.

IWM ran into resistance levels. That means as much as IWM likes 134, it will have to seduce 136 next.

Trans also watches his Prodigal Brother Regional Banks. KRE will help IYT determine just how confidently to behave.

Should KRE believe that the interest rates can rise, gently of course, then that will influence IYT. Trans must trust that the government can make good on tax reform and infrastructure spending.

Retail plays a part as well. Without Granny, the family is not complete. It behooves Sister Semi’s to rescue her mother.

Wonder Woman is granted a mystical sea shell. This shell floats in air and water. It grows in size to carry passengers and can travel between dimensions.

Wonder Woman pledges to use the shell to save her mother.

Likewise, Semiconductors must find a way to take her mother XRT, to places that are otherwise mystically inaccessible.

S&P 500 (SPY) 235.75 area resistance. 233.20 key support

Russell 2000 (IWM) 134 major support. 136-136.70 big resistance

Dow (DIA) 204.65 the 50 DMA. Back thru 208 nothing short of a miracle

Nasdaq (QQQ) 131.25 pivotal support. 132.43 the high to clear

KRE (Regional Banks) 53.00 pivotal support now. Over 54.35 better

SMH (Semiconductors). 77.80 support and 80 resistance

IYT (Transportation) Support around 159.25 to 160.00 held.

IBB (Biotechnology288 now key support and over 295 very impressive

XRT (Retail) 42.00 will be the real test for Granny-and now 41.00 pivotal support

GLD (Gold Trust) 120.25 the 200 DMA with 118 pivotal

SLV (Silver) 16.90 support

GDX (Gold Miners) 22.50 support 23.43 resistance

USO (US Oil Fund) 10.25 must clear and 10.00 should hold

OIH (Oil Service Holders) Been here before calling for a reversal possibility. Patience

TAN (Solar Energy) 17.45-17.50 a good place to clear

TLT (iShares 20+ Year Treasuries) Into resistance and under 120.50 will look weaker still

UUP (Dollar Bull25.65 now support. 25.80 next point to clear

Disclosure: None.

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