April 21, 2014
Mish's Daily
By Mish Schneider
Such a slow day, my metabolism hardly worked fast enough to digest all of Easter Sunday’s goodies! A combination of Ukraine uncertainty, inflection points in the indices and a slew of earnings all kept volatility at bay.
S&P 500 and the Dow continue to be in the best shape, very close to taking out resistance points from April 10th. The reversal tops remain, but a good open over the April 10th points should help a lot now that both returned to bullish phases.
The 50 day moving average eludes both the Russell 2000s and NASDAQ (at time of writing waiting for NFLX earnings) for now. That will be the area to eventually cross or fail from which should impact everything if that turns out to be the case.
Not much else to say for now-the market will show the way soon enough. My eyes are on theinterest rates. They have firmed somewhat from the lows, but no discernible signal yet on how that will play out.
S&P 500 (SPY) Starting to move away from the 50 DMA but still has overhead hurdles beginning with 187.15
Russell 2000 (IWM) Great reversal off the 200 DMA last week but has lots of room before we can talk about a phase change-the 50 DMA is at 115.76
Dow (DIA) The April 10th high is 164.31 which for now, is its next hurdle.
Nasdaq (QQQ) 87.88 is the high from April 10th with the 10 DMA now su0pport at 85.80
XLF (Financials) Inside day just under the 50 DMA. A gap over 21.90 would be a welcomed sight. Has to defend 21.79
SMH (Semiconductors) That high to clear from 4/10 is 46.03 with the 50 DMA the line in the sand support
IYT (Transportation) The all-time high is 137.98-becoming a fave to watch on new highs
IBB (Biotechnology) A reversal at the 200 DMA last week-maybe worst is over for now with lots to prove on the upside
XRT (Retail) Still a weak link and has to at least clear 82.51 then perhaps we are looking to the overhead moving averages
IYR (Real Estate) Big day there and still a huge contender with March high 69.33
GLD All over the place-of little interest
USO (US Oil Fund) 2 inside days. Very ripe for new highs or possible double top-stay tuned
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day-eyes her over the fast moving average
PHO (Power Shares Water Resources) Inside day over the 50 DMA 26.49 needs to clear
EWG (Germany) Inside day
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