March 4, 2013
Mish's Daily
By Mish Schneider
Well look at that- S&P 500 cleared the nasty candle high from 2/28-in fact, one week ago today! However, the Russell 2000 could not nor NASDAQ. The Dow, on the other hand, which has a very different looking chart, looks solid although it too has to clear 141.31. The advanced/declines indicate the market is neutral to positive. That could mean lots more upside in store. The transportation sector led the way, as expected. If the market holds here, I would venture to say, if not already long, you have not missed the boat. And that is what you want to hear at current market levels!
S&P 500 (SPY) Cleared 152.86 and has to stay here, plus take out the last brick wall high at 153.28 soon too. Support to hold now today's low
Russell 2000 (IWM) 91.53 has to clear first; then 92.56 and today's low has to hold
Dow (DIA) Would like to see 141.31 clear
NASDAQ 100 (QQQ) The 2/28 high here is 67.81 then the recent highs 68.26 with support to hold today's low
XLF (Financials) 17.85 is resistance to clear then 17.94 before we start talking 19.95 again
IBB (Biotechnology) New highs today-very impressive
SMH (Semiconductors): Last Monday and Thursday highs have to clear.
XRT (Retail) Cleared the 2/28 and like financials and semiconductors, has to eventually clear recent highs
IYT (Transportation) New all-time highs
IYR (Real Estate) Has to clear and close above today's high then could see another leg up.
TBT (Ultrashort Lehman 20+ Year Treasuries) A trend up today which if continues should be good for market
XHB (Homebuilders) Also has overhead but made a nice move today
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