April 14, 2014
Mish's Daily
By Mish Schneider
This week’s abbreviated Evening Watch will be prepared by Matthew Mullins, the leader of Marketgauge’s day trading chatroom and Assistant Director of Trading Education and Research. Mish is traveling to New York, where she will be working through the end of June. Mish will resume her market analysis on Monday 4/21.
S&P 500 (SPY) Inside day and a doji day as well. Watch Friday’s low to be support at 181.31 and watch Friday’s high (183.42) as the point to clear. The direction of the range break will be a good indicator for the direction of Tuesday’s move.
Russell 2000 (IWM) Tested and held the 200 DMA. The 200 DMA should be support. This looks good if it clears Friday’s high and R1, which line up.
Dow (DIA) Pushing up against the 50 DMA at 161.62. Watch to see if this can get back over the 50 DMA to return to a bull phase.
Nasdaq (QQQ) Inside doji day. Watch Friday’s low (which lines up with the 2/5 low) to be support. The direction of the range break will be a good indicator for the direction of Tuesday’s move.
XLF (Financials) Friday’s low should provide support. If it breaks expect a visit to the 200 DMA.
SMH (Semiconductors) Inside day on the upward sloping 50 DMA –as Mish has mentioned previously, this is the place to be first if the market firms.
IYT (Transportation) Confirmed the warning phase
IBB (Biotechnology) Closed under the 200 DMA, bringing this into a confirmed Distribution phase.
XRT (Retail) If Friday’s low breaks- look out below!
IYR (Real Estate) Tested and held the upward sloping 50 DMA. Today’s low should hold.
XHB (Homebuilders) Tested and held the upward sloping 200 DMA.
GLD Gapped higher
USO (US Oil Fund) 37.74 the place to clear
XLE (Energy) Climbed back over the 10 DMA. Today’s low should hold.
XOP (Oil and Gas Exploration) 74.34 is the place to clear
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day. Friday’s low needs to hold and Friday’s high needs to clear.
Every day you'll be prepared to trade with:
