April 17, 2012
Mish's Daily
By Mish Schneider
What I wrote Monday evening... "The sectors that are best to watch to see where we go from here are Retail, Real Estate, Financials and Transportation" Yeah!
No more gaps to fill on the daily charts in the indexes and possibly more important is that the market closed under the gap fill areas.
S&P 500 (SPY) Back to an unconfirmed bullish phase in the new (yet definitely improved) indecisive market. If the low from the day before it gapped lower holds, 139.26, we could see believers coming back. No accumulation in volume which makes me worrisome.
Russell 2000 (IWM) Filled gap but could not either hold it nor come close to the 50 DMA overhead.
Dow (DIA) The continuing bright spot once it gapped above the 50 DMA and kept going. But like the others, needs to stay above 131.05 or becomes suspect
NASDAQ 100 (QQQ) For me, it's now all about what happens here. A gap over today's high and confidence should be restored. Could also digest which is fine. But what we don't want to see is a break of 66.00 especially on a closing basis.
GLD Death cross.
XLF (Financials) 15.34 pivotal
IBB (Biotechnology) Ran to the 50 DMA. Has to clear it or still in warning.
SMH (Semiconductors) Could not fill the gap from 04/03 and one of the first places to go if market weakens again for short opportunities
XRT (Retail) Important indeed. Even more so now
IYT (Transportation) Once it gapped over the 50 DMA early on, all day follow through with a small sell off end of day. Still real important to watch
IYR (Real Estate) 63.00 now the big overhead level to watch, the 2011 high
OIH (Oil Services) and XLE (Energy) Not oversold anymore and still below the fast moving average.
Every day you'll be prepared to trade with:
