January 14, 2013
Mish's Daily
By Mish Schneider
Market appeared to be waiting for something fresh to go on-and nothing tangible emerged. Therefore, this day was more healthy digestion with no major damage done. Furthermore, the Russell 2000, which has been leading, now has 2 inside days in a row, clearly a pause worth looking at.
S&P 500 (SPY) Next resistance goes back to September at 148.11. Support to hold 146.00 area
Russell 2000 (IWM) 2 inside days which means follow the range break.
Dow (DIA) Filled the October gap to 135.
NASDAQ 100 (QQQ) Has to clear 67.34 and actually, held the fast moving average.
ETFs:
GLD Back over the 200 DMA if holds today's low. Might be an opportunity if takes out 162
XLF (Financials) Held the fast moving average with 17.20 next and 20 the ultimate target.
IBB (Biotechnology) 2 inside days here as well. if breaks 144.80, should see the fast moving average.
SMH (Semiconductors) 34.00, a nagging point of resistance for a year, is the "somewhere over the rainbow" to clear. But still love this for 2013.
XRT (Retail) Held the 50- DMA and although it has some overhead resistance, looks better than it did. 63.40 would be first point to clear.
IYT (Transportation) 101 coming soon.
IYR (Real Estate) Sideways consolidation.
USO (US Oil Fund) Unconfirmed phase change to accumulation. 34.32 recent highs.
OIH (Oil Services) Crossed the 200 weekly moving average, but had a bearish engulfing pattern which means could be a place to look for shorts
XLE (Energy) 73.89 is the next resistance
TBT (Ultrashort Lehman 20+ Year Treasuries) As long as this holds today's low, still believe rates will climb this year
DVY (Select Dividend Index) 58.90 recent highs. Looking good again.
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