February 21, 2013
Mish's Daily
By Mish Schneider
S&P 500 followed through after the brick wall highs Wednesday, never really enjoying an intraday rally and closing in the middle of the intraday range. NASDAQ tested and traded around the 50 DMA. The DOW tested Wednesday's low then retreated to close pretty much midrange. 3 out of the 4 indexes remain in a bullish phase albeit with heavy candles near the highs. End of week can bring the unexpected therefore, equally prepare for a run back to 14,000 or another round of selling ahead of the weekend. A correction in a bull phase is that unpredictable.
S&P 500 (SPY) 147.40 is the 50 DMA and a clearance of 151.50 a good sign
Russell 2000 (IWM) Got close to the 89.00 for support level with 91.10 overhead resistance
Dow (DIA) Held 138 and closed better than the other indexes percentagewise.
NASDAQ 100 (QQQ) 66.60 a pivotal area
GLD Inside day. Not that an impressive bounce
XLF (Financials) 17.30 would be a good place for this to find support.
IBB (Biotechnology) Touched the 50 DMA support. Needs to prove itself on whether it can hold from here, or continue to breakdown to much lower levels
SMH (Semiconductors): I would like to see 34.00 again for a new long opportunity, which is real close to the 50 DMA
XRT (Retail) Held 67.00 But, like the other sectors, has a lot of repair before one can buy confidently
IYT (Transportation) 102 is underlying support to watch for
IYR (Real Estate) 67.00 is support here
USO (US Oil Fund) Unconfirmed distribution phase.
XLE (Energy) A drop to 75.00 would be a good place to look at for a new long
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 13 trading days have all been within the range of the big trading range made on February 1st.
XHB (Homebuilders) Unconfirmed weak warning phase
UUP (Dollar Bull) Unconfirmed phase change to accumulation
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