March 16, 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) Drifted lower and is still holding support levels from January and February. It is getting oversold but, a trip to the 50 DMA is not out of the question.
Russell 2000 (IWM) Inside day. Watch the direction of the range break as an indication of the indexes next short term move.
Dow (DIA) Confirmed the phase change to warning today. This index is also getting very oversold. Watch the 160.10 area for support.
Nasdaq (QQQ) This is the least oversold of the indexes. A test of the 50 DMA will not be surprising. 88.02 is the 50 DMA.
XLF (Financials) 21.75 area is potential support.
SMH (Semiconductors) Friday’s low lines up with February consolidation. Watch that for support.
IYT (Transportation) Inside day.
IBB (Biotechnology) Watch the upward sloping 50 DMA as a support level (251.01)
XRT (Retail) Accumulation day in volume. Watch for Friday’s low to hold.
IYR (Real Estate) Holding up very well. Looks good over Friday’s high and the 10 DMA.
XHB (Homebuilders) Inside day on the 50 DMA. A favorite for Monday.
GLD Nearing the 65 week moving average at 134.86
USO (US Oil Fund) Broke out of it’s inside day and is nearing the 200 DMA at 35.82.
OIH (Oil Services) Inside day on the 50 DMA.
XLE (Energy) Inside day on the 50 DMA.
XOP (Oil and Gas Exploration) Another inside day on the 50 DMA.
TBT (Ultrashort Lehman 20+ Year Treasuries) 67.72 (3/3 low) is potential support
FCG (First Trust ISE Reserve NatGas) Inside day
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