Mish's Daily for Thursday 3/20/2014

March 20, 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) If prior day low breaks, watch 184.66 for support.

Russell 2000 (IWM) Inside day. The direction of the inside day’s range break will be a good indicator for the direction Thursday’s overall direction.

Dow (DIA) Tested and held the downward sloping 50 DMA at 161.18. Watch that level for support.

Nasdaq (QQQ) Prior day low should be support.

XLF (Financials) Indecisive doji day. Looks better over R1 and today’s high, which line up.

SMH (Semiconductors) Made new multiyear highs and closed below.

IYT (Transportation) Resistance at 136.94. Looks very heavy under today’s low.

IBB (Biotechnology) Watch the 10 DMA to see if it holds and gives support.

XRT (Retail) 85.19 is support

IYR (Real Estate) The FOMC minutes and Yellen’s testimony regarding rates were a catalyst for today’s sell off.

XHB (Homebuilders) Holding the 10 DMA at 33.21

GLD Gapped lower and drifted down.

USO (US Oil Fund) Nearing the upward sloping 200 DMA at 35.86.

XOP (Oil and Gas Exploration) Over the 10 DMA. 69.29 should hold.

TBT (Ultrashort Lehman 20+ Year Treasuries) 70.16 is the 10 DMA.

UUP (Dollar Bull) Rose sharply after the release of the FOMC minutes

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