April 18, 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) Closed above the 50 DMA to bring the S&P 500 into a confirmed bull phase. The 187.15 area is resistance, while the 50 DMA needs to hold.
Russell 2000 (IWM) Climbing away from the slingshot low and cleared the 10 DMA. Possible resistance at the 114.2 area but, that should only be a minor hurdle as it climbs towards the 50 DMA.
Dow (DIA) Like SPY, DIA is also in a bull phase. Possible resistance at 164.31.
Nasdaq (QQQ) Basically paused today, and closed marginally higher than Wednesday’s close.
XLF (Financials) Briefly traded over the 50 DMA but could not hold it. Remains in a warning phase. 21.88 needs to clear. These need to participate for a sustained rally.
SMH (Semiconductors) Broke out of its inside day and cleared the 10 DMA. 45.70 area is next resistance.
IYT (Transportation) Strong move today. Helped along by FDX and UPS.
IBB (Biotechnology) Holding the 200 DMA and looks poised for a nice move against the 200 DMA and the slingshot low.
XRT (Retail) Inside day under resistance at the overhead 200 DMA.
XHB (Homebuilders) Holding the 200 DMA
GLD Broke the 200 DMA to bring GLD into an unconfirmed distribution phase.
USO (US Oil Fund) Over bought with an inside day at recent highs.
OIH (Oil Services) Doji day at recent highs. 51.24 is the point to clear.
XLE (Energy) Very strong. Once again, closed at all-time highs.
XOP (Oil and Gas Exploration) Also closed at new all-time highs.
TBT (Ultrashort Lehman 20+ Year Treasuries) Had a very good day after breaking out of its inside day. Pushing against the 10 DMA at 66.15.
Every day you'll be prepared to trade with:
