March 13, 2014
Mish's Daily
By Mish Schneider
Michelle Schneider will be on vacation until 3/21. In her absence, Matthew Mullins ( Assitant Director of Trading Education and Research, and leader of the Day Trading chat room) will prepare the abbreviated Evening Watch.
S&P 500 (SPY) Here is evidence of the blow off rally that Mish has been writing about since last week. Watch today’s low to hold but, most likely heading towards the 50 DMA.
Russell 2000 (IWM) Blowoff! Watch the 3/3 low (115.58) as potential support. A visit to the 50 DMA is likely.
Dow (DIA) Closed under the 50 DMA to put this into an unconfirmed warning phase. The 3/3 low is potential support at 160.49.
Nasdaq (QQQ) Today’s low lines up with the 3/3 low. Watch for that level to hold. If it breaks, hello 50 DMA.
XLF (Financials) Over 22.18 looks a lot better. However, a test of te 50 DMA is likely.
SMH (Semiconductors) Held up fairly well today. However, one should be cautious considering today’s bearish engulfing candle.
IYT (Transportation) Another bearish engulfing pattern. Watch out if this breaks today’s low.
IBB (Biotechnology) Watch the upward sloping 50 DMA as a support level (250.48)
XRT (Retail) Watch today’s low to hold. Retail sales rose for the first time in 3 months but was pulled down with the rest of the market.
IYR (Real Estate) Over 68.65 looks a lot better. Held up very well today.
XHB (Homebuilders) Held the 50 DMA
GLD New six month highs. Watch the low from 3/12 to hold.
USO (US Oil Fund) Held the 50 DMA with an inside day
XLE (Energy) watch 86.03 for support
XOP (Oil and Gas Exploration) Held the 50 DMA but with a bearish engulfing pattern
TBT (Ultrashort Lehman 20+ Year Treasuries) 67.72 (3/3 low) is potential support
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