Evening Watch List for November 25th

Mish Schneider | November 24, 2015

Russell 2000: The Family Complies With Prescribed Treatments

My Jewish Grandmother (real one, not Granny Retail) would be so proud of me! Not too impressed with my chosen career in finance, she would have preferred that I become a doctor. (Truth be told, she really hoped I‘d marry a doctor.)

And now, as a make-believe Concierge Doctor, it seems I have successfully diagnosed and made real prescribed progress towards the wellbeing for several of the Economic Modern Family members.

Granddad Russell 2000 (IWM) hurdled with all he’s got clearing the 100 DMA. Remember though the trifecta of resistance between 118.50 and 119.50? Looking more plausible to clear now provided IWM continues to keep hypertension at bay.

Of course, external factors that cannot be controlled, such as volatile and hostile world events can send Granddad’s pressure rising. That’s precisely why we most note risk/reward on all trades, and consider trading in a more active timeframe-day to miniswing.

My other Grandmother, Granny Retail (XRT) had a pain free day. Last week, I began exploring the possible double bottom. Apparently, I wasn’t alone as call option buying poured into the ETF.

Now, XRT is pushing against several major moving averages at an interesting time-ahead of Black Friday. With a shopping trip planned to visit some of my favorite chains-Michael Kors (KORS), Kohl’s (KSS) and Under Armour (UA), if XRT’s arthritis doesn’t flare up, we can expect follow through momentum.

XRT’s 50 DMA is at 45.29, the 65-week at 47.17 and 23-month 45.42.

As far as the other members of the Family (SMH, IBB, KRE and IYT), I have particular eyes on Biotechnology. With Pernicious Anemia, how well IBB absorbs B-12 remains a variable.

Unlike Granny, IBB is above the key weekly and monthly moving averages. However, on the daily chart, we want to see it hold 330 and clear, especially on a closing basis, 340.00.

Semiconductors are back over the 200 DMA (want to see a second day to confirm). Transportation is holding the 50 DMA (perfect test of that on Tuesday). And Regional Banks look poised to tackle its recent new 2015 highs.

A Concierge Doctor is always on call. Nevertheless, given how well my patients are doing, should all continue to go well, I will be thankful to hang up the stethoscope this Thanksgiving weekend.

S&P 500 (SPY) 213 big resistance, 210 pivotal and 206.50 big support Subscribers: Negative Pivots in all except IWM

Russell 2000 (IWM) 117.20 now pivotal

Dow (DIA) Terror at 18k only 188 points away. 175 is the 65-week moving average to defend 179 resistance to clear

Nasdaq (QQQ) 112.80 pivotal and over 115.47 takes it to new highs

XLF (Financials) If holds 24.25 good and must clear 24.97

KRE (Regional Banks) 44.80 pivotal 45.21 good to clear with 46 even better

SMH (Semiconductors) 54.22 pivotal. Over 55.15 better

IYT (Transportation) 145.50 the big support and 150.96 the big overhead resistance

IBB (Biotechnology) 340 resistance, 329 pivotal and 349 big guns 200 DMA

IYR (Real Estate) Stopped just under the resistance at 75.27 the 20O DMA with 74 support

ITB (US Home Construction) now a breakeven stop at 27.70 level is good

GLD (Gold Trust) A move over 103 would be a relief with 104 even better

SLV (Silver) Under 13.40 trouble. Over 13.80 way better

GDX (Gold Miners) Over 14.00 best

USO (US Oil Fund) Now want to see 13 hold and this clear 13.50

OIH (Oil Services) Been in a range since early October-it’s getting ready to do something

XLE (Energy) Same as with OIH

XOP (Oil and Gas Exploration) Same as with XLE and OIH-even more compressed so drawn to this one

TAN (Guggenheim Solar Energy) Cleared 26.50 which now should hold

TLT (iShares 20+ Year Treasuries) Has some real overhead resistance between 121-122

UUP (Dollar Bull) Over 25.95 should continue higher

EEM (Emerging Markets) Like this if clears 35.20

IFN (India Fund) Subscribers: Eyes on this over 23.38 with risk to under 22.94 the 80 month moving average

CORN (Corn) Subscribers: Inside day. Watch for follow through over 22

DBA (PwrShs DB Ag Fd) Subscribers: 20.94 the 50 DMA

SGG (Sugar) Subscribers: Reversal from new highs which has to confirm

JO (Coffee) Subscribers: Unconfirmed recovery phase

***Market Tone: Short-term Neutral, Intermediate-Term Positive 5, Long-Term Positive 9

NOTE: *All starred picks are from the automated list of picks (which now includes short picks!) denote that it has one or more of the 18 chart patterns we have used on the radar screen. For example, inside day, 2 days under floor trader pivots, phase change, brick wall or return to the 10 DMA, etc.

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Longs:

ACAS
ACE**
ADBE
AMGN
AMZN
AWAY
BYD**
CAM**
CB**
CIEN
CNO**
COST**
CRM**
CTRP**
CUBE
DHR**
DIS**
DLR
ECL**
EQIX
EW**
FB
IPG
LNKD
LPX**
PXD**
REGN**
RTN**
SAP**
SCO
SINA**
SNDK**
SPLK
SYNA**
TTWO**
VLO**
WDAY**