Light the Sparklers, Not the Cherry Bombs! $DIA $SPY $QQQ $IWM

---

The market began to retreat from the top of the predicted range pre-holiday. But, it did not get anywhere near the low end of the anticipated range. In S&P 500, we saw the resistance near the 50 daily moving average. And, we see the support down around 157-158. But, with a half day on Wednesday we expect a really slow day unless the Egypt protests percolate to more violence. On all levels, I hope it doesn’t. Oil certainly reflects some concerns right now with the 1.73% gain in the US Oil Fund. The dollar continues to firm while rates were basically flat.

(SPY)Under 160 that lower end of the range should be a fair target. Over the 50 DMA, would go with that as well

Russell 2000 (IWM) Still in bullish phase but lost some ground today although better shape than the other indexes. 96.75 key support now

Dow (DIA) Could also be more range bound between 146.50 and 150, but not counting anything out.

NASDAQ 100 (QQQ)72.25 key resistance to clear and under 71.00 could see move to 69.00-70.00 next

ETFs:

XLF (Financials)19.20 is a key point here. 19.50 pivotal and 20.00 a great breakout

SMH (Semiconductors) Not only has to clear the 50 DMA, but fill the gap from June 19^th. Meanwhile, 37.50 pivotal

XRT (Retail) Filled but could not hold above the gap from 6/19 at 77.85. 76.00 key support. Remains in bullish phase

IYT (Transportation) 108.20-108.65 an area to hold. And, the 50 DMA is the area to clear

IBB (Biotechnology) Inside day above the 50 DMA-holding the bullish pahse

IYR (Real Estate)Good comeback today. Now, has to clear the 200 DMA

XHB (Homebuilders) We shorted LEN on Monday. This ETF could still see the 200 DMA

GLDInside day and holding 119.

USO (US Oil Fund)2013 high 35.50

OIH (Oil Services)Back to unconfirmed bullish phase

XLE (Energy) 80 is number to clear or could see the 200 DMA

TBT (Ultrashort Lehman 20+ Year Treasuries) Holding the gap low from 71.55. 5 days under the pivots which now need to clear then R1.

UUP (Dollar Bull) 22.42 is place to hold.

For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!