Mish's Market Minute

Grandpa Russell 2000's Secret Identity!


Spider-Man property of Marvel Entertainment

The S&P 500 (SPY), Nasdaq 100 (QQQ) and Dow Jones (DIA) all closed under their recent highs, while Granddad Russell 2000 (IWM) was able to close over 178.10, making new all-time highs.

It's no easy feat for the small caps to outperform the major indices, especially with the recent news of Tesla (TSLA) entering the SPY. Furthermore, IWM's superior strength, paired with his ability to scale the charts to new highs, leads me to believe that Granddad IWM has revealed himself to be... Spider-Man!

Spider-Man is known to have powers such as sticking to walls, increased agility and wrists that shoot sticky webs. He also has a unique spider-sense ability which alerts him to incoming danger.

Above is a chart of the four indices, with IWM on the top right. The QQQs have been stuck under the 303.50 high from September, which indicates a rotation out of the tech-heavy index. DIA and the SPY show a close resemblance to each other, as they both will need a move over Monday's high to be able to compete with Granddad Spider-Man.

Spider-Man's increased move upwards could have something to do with the Harley-Davidson motorcycle he's riding, though he should still be careful now that the SPY has a shiny new Tesla in its possession.

As this week continues, now that Gramps has shown to be quite the superhero, we will watch to see if his wife, Granny Retail aka Mary Jane, can also make new highs. She is very close.

That power couple, along with their grandson Tran (IYT), make quite a formidable protection for the bulls.

  • S&P 500 (SPY): 364.38 high to clear
  • Russell 2000 (IWM): New all time high
  • Dow (DIA): Needs to close over 300.00
  • Nasdaq (QQQ): Watching to break election range at 295.39
  • KRE (Regional Banks): Holding over 48.83 last week's high
  • SMH (Semiconductors): Needs to clear 202.89 with support at 190
  • IYT (Transportation): New all-time highs
  • IBB (Biotechnology): 136.40 support the 50-DMA and 143.36 resistance
  • XRT (Retail): 56.56 high to clear

Mish Schneider


Director of Trading Research and Education

Forrest Crist-Ruiz


Assistant Director of Trading Research and Education

Mish Schneider
About the author: serves as Director of Trading Education at MarketGauge.com. For nearly 20 years, MarketGauge.com has provided financial information and education to thousands of individuals, as well as to large financial institutions and publications such as Barron’s, Fidelity, ILX Systems, Thomson Reuters and Bank of America. In 2017, MarketWatch, owned by Dow Jones, named Mish one of the top 50 financial people to follow on Twitter. In 2018, Mish was the winner of the Top Stock Pick of the year for RealVision. Learn More
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