March 3, 2013
Mish's Daily
By Mish Schneider
Hard to be too upset with anyone right now. And honestly, not great state of mind for objective trading anyway! The nagging candles at the recent highs are still in sight, but that's the rub-they are in sight and not some distant memory one needs a telescope to see. By the way, nice job Space X launching last week the Dragon to an International Space Station! The Dow closed above last Monday's pre-crash highs. NASDAQ, the Russell 2000s and the S&P 500 not quite, but managed to close over the fast moving averages. Interest rates closed weak, and in fact, back to an unconfirmed recovery phase, even with a strong US dollar. That means, Monday's action should be telling regarding the near-term sentiment up or down. Overall, the major sectors that had to hold in a bullish phase did.
S&P 500 (SPY) Held the fast moving average but failed to clear 2/28 highs. Support at 150. And still has to clear 152.86
Russell 2000 (IWM) Closed above the fast moving average. Still showing a top in place which means we need to get through it.
Dow (DIA) Acted really well regardless of the economic data, the political issues, etc. Unless it breaks Friday's lows, see nothing blaringly negative here. However, would like to see 141.31 clear
NASDAQ 100 (QQQ) The more I watch the divorce between NASDAQ and AAPL, the more I respect the bullish phase this has maintained. Through 67.80, the recent highs are right there.
GLD A bit oversold now on the weekly RSI.
XLF (Financials) 17.85 is resistance but have to be impressed with the hold of the 50 DMA
IBB (Biotechnology) Broke the sideways range from the last 2 months.
SMH (Semiconductors): Last Monday and Thursday highs have to clear.
XRT (Retail) 2/28 high has to clear
IYR (Real Estate) 68.88 recent highs to clear
DVY (Select Dividend Index) Possible slingshot high looks negated
UUP (Dollar Bull) 22.65 overhead resistance
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
