Coming into 2023 we used the theme,
“You can’t hunt with the hounds and run with the rabbit.”
Those who stood back with the hounds in search of a sure hit, were not only left behind, but missed the move higher as the rabbit got the best of them.
This coming year, as we transition into 2024 and into the Year of the Dragon, a new theme emerges.
“If you can’t take the heat, don’t tickle the dragon.”
What could that mean?
The market could be hot, but lots of circumstances can erupt to tickle the dragon and not necessarily in an amusing way.
After all, we know that dragons love to expel fire.
How should you prepare for the coming year?
Naturally, as traders, we do not marry any thesis. We watch price.
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Stock Market ETFs Trading Analysis & Summary:
S&P 500 (SPY) 480 all-time highs 465 underlying support
Russell 2000 (IWM) 200 pivotal and 194 support
Dow (DIA) Needs to hold 370
Nasdaq (QQQ) 410 resistance with support at 395
Regional banks (KRE) 47 support 55 resistance
Semiconductors (SMH) 174 pivotal support to hold this month
Transportation (IYT) Needs to hold 250
Biotechnology (IBB) 130 pivotal support
Retail (XRT) Huge gap up last 2 days of the week that now needs to hold.
Twitter: @marketminute
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.
