It's A Mockerriage

March 15, 2015

Mish's Daily

By Mish Schneider

Modern Family

All said and done, the Dow is down around 3% from its all-time high. It seems fair to say that the lack of buying to keep us up at the highs or get us to new highs is concerning; and, that corrections, since 2014, have taken a more volatile form as the market swings 200-300 points on any given day. Fait Accompli mon amis!

If we revisit Granddaddy Russell 2000s (IWM), after its yearlong consolidation in 2014, with recent highs 123.78, 122.15 the pivotal area and 119.83 last week’s lows, I would continue to watch those critical levels with an open mind to a trading range is a trading range until it’s not. (Remember Mr. Ed?)

Grandma Retail sector (XRT)-held 98.45. She may have tightened the spending reins, but hasn’t put a moratorium on shopping just yet.

Brother Biotechnology (IBB), still kicking back, but he ended with a doji day, just in case.

Sister Regional Banks (KRE), held 41.06, the January Calendar Range high and impressively outperformed the market (except for IWMs).

Brother Semiconductors (SMH) figured he better come out of hiding and offer support to his nearly dysfunctional family. Semis closed green in a sea of red, defending the Bullish Phase.

The transgender sibling, Transportation (IYT), she held 160, but still getting comfortable in her skin. Fair to say over 162, she’s adjusting well, under 160, gonna need more time.

Sadly, the in-laws, S&P 500 and the Dow, could not confirm with a close over their 50 DMAs; rather, reentered an Unconfirmed Warning Phase. Finally, Uncle NASDAQ, held above 104.50, nevertheless could not cross 106 leaving us Mitendrinen, Yiddish for right in the middle. Hey, what’s a modern family without multi-cultures?

S&P 500 (SPY) Unconfirmed warning phase with Friday’s key support and through 205.94 recapturing the 50 DMA.

Dow (DIA) Unconfirmed warning phase with Friday’s key support and through 177.66 recapturing the 50 DMA.

Nasdaq (QQQ) 104.48 the 50 DMA and 106.00 the point to clear

XLF (Financials) Inside day. 24.60 the point to clear, then 24.90 and has to hold 24.05

KRE (Regional Banks) Inside day.

SMH (Semiconductors) Always good to have a big brother around when you need him. Hey bro-don’t leave yet, ok?

IBB (Biotechnology) Has recent highs to clear but as long as it holds over 342 area all good

XRT (Retail) 2015 high 99.74 with 98.40 area pivotal

IYR (Real Estate) 77.84 pivotal with a start below ominous

ITB (US Home Construction) Still have eyes here over 27.26

GLD (Gold Trust) 110 is the 2014 low area and under that see 100 possible

TAN (Guggenheim Solar Energy) If holds 42.00 can look for an reentry-otherwise, waiting for 40.00