April 29, 2014
Mish's Daily
By Mish Schneider
Except for a couple of big movers both long and short, the overall market caught an early buzz then caught a lot of zzzz’s thereafter!
However, set those coffee brewers to strong for Wednesday as lots of activity is expected due to economic reports, continuation of earnings, the musings of the good ole FED and the end of April.
NASDAQ pinned the exact range mentioned as the parameters to cross coming into today-that range break should yield follow through. The small caps had an inside day (trading range inside the trading range of the day prior. DIA and SPY look poised to take out the highs unless the market does the same old thing-finds the bears hitting the bids and makes a healthy market look a bit piqued.
Soft commodities by the way,-have I mentioned those lately?
S&P 500 (SPY) 186.50 pivotal, over 188 much better.
Russell 2000 (IWM) Inside day and close to the 200 DMA
Dow (DIA) Different world here but getting close to the highs which could be resistance
Nasdaq (QQQ) 86.35 to 87.35 the range to decisively break one way or another.
XLF (Financials) Has to get through the 50 DMA
SMH (Semiconductors) Inside day. A move 45.00 will be a really good sign the worst is over
IYT (Transportation) Inside day with the point to clear 136.65
IBB (Biotechnology) Better if holds
XRT (Retail) Had an inside day clearing the 200 DMA-big eyes here
IYR (Real Estate) Strong but slow action
EEM (Emerging Markets) 41.00 good area to uphold now
Every day you'll be prepared to trade with:
