Stall Job $SPY $QQQ $IWM

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I took a short break and apparently, so did the market by the look of things. S&P 500 (SPY) closed with a nearly perfect DOJI day. NASDAQ 100 (QQQ) closed nearly unchanged from Friday. Russell 2000 (IWM) had an inside day closing slightly in the red. Looks like digestion as once again SPY and QQQ reach overbought on the weekly RSI while IWM remains the wildcard.

NASDAQ (QQQ) There is no reason to expect the Q's to give up their leadership position so the bulls should look for the Q's to hold above Friday's lows (64.82) and then the 64.55 area where you'll find the 10 DMA. 7 of the last 9 days have a daily high between 64.94 and 65.12 so this area now serving as significant resistance.

S&P 500 (SPY) The late February high of 138.19 is the key number to clear for the upside, and support should be anticipated at Friday's lows and the 10 DMA of 136.90.

The Dow (DIA) A break below Friday's low, 128.94 will also put it back below neutrally sloped 10 and 20 DMAs. That's your first red flag to watch out for. The next key level of support is 128.50.  

Russell 2000 (IWM) After the inside day, key levels for it to hold are 81.00. Expect resistance at Friday's highs of 82.15 as well as 82.40 and 83.00.

ETFs:

GLD Looks a bit like Christmas with a big red candle a couple of weeks ago followed by the big green candle on Friday. Typically, after a huge stretch of the ATR, an inside day ensues.

XLF (Financials) It squeaked out a second weekly close over the 200 week moving average, an average it has been below since Nov. 2007! Let's see if it can move away from the 14.80 level that has held it down for the last 4 weeks.

IBB (Biotechnology) A move over 120.10 takes out an important trend line from the February 2012. A close above this trend line should grab the attention of swing traders.

SMH (Semiconductors) Closed ominously under the 10 DMA. The Q's have managed fine without any leadership from SMH thus far, however a rollover in SMH from this level may be an important warning sign for the bulls.

IYT (Transportation) Remains in a weak warning phase until it clears or fails from the 50 DMA. With an inside day and bearish engulfing pattern, Friday's range remains a pivotal day for the next swing's direction.

IYR* (Real Estate) Broke over 61.00 and at midmonth, back over the 80 monthly moving average. Second close above a trend line on the daily chart which for now, indicates a good place to go to buy dips.

XRT (Retail) Inside day at the new highs.

USO (United States Oil Fund) Gap lower which means unless it clears 40.87 level, could see a return to last week's low 39.91.  

TBT (Ultrashort Lehman 20+ Year Treasuries) 19.36 is the pivotal area to close above.

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