This Indecisions Bugging Me $SPY $DIA $QQQ $IWM

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Regarding the search for confirmation on whether or not Tuesday yielded any reversal patterns-keep searching. As choppy as the market was before, during and after Ben Bernanke’s testimony, ultimately, the day closed green and none of the indexes gave an absolute signal (which most likely means more upside considering we can revert back to the overall phase when in doubt.) I would keep big eyes particularly on the Dow (DIA) since 155.54 the May 22^nd high looms, but if clears should yield another good leg up with the recent lows as the risk point.

S&P 500 (SPY)169.07 the May 22^nd high is critical to here as well. I would also watch Wednesday’s low to hold as key support.

Russell 2000 (IWM) Another new high and not so spectacular but certainly not that worrisome either close.

Dow (DIA)In addition to comments above, Wednesday low important to hold in the “be ready for anything” scenario

NASDAQ 100 (QQQ) New multi-year high closing price.

ETFs:

XLF (Financials)20.35-20.50 the new range to watch for next move up or down

SMH (Semiconductors) Made new highs intraday. With INTC down in the post market, will watch for a reversal, but overall, still long-term friendly

XRT (Retail) After the possible reversal candle on Tuesday, Wednesday followed with an inside day making this a very important piece of the puzzle. Watch range break.

IYT (Transportation) Left a bearish engulfing pattern Tuesday and an inside day Wednesday. Again, critical range to watch

IBB (Biotechnology) Wednesday not so decisive one way or another for the short-term due to the inside day. Therefore, still have the possibility of a key reversal

IYR (Real Estate)Floating, literally-last 5 trading days- above the 200 and below the 50 DMA

XHB (Homebuilders) Confirmed warning phase making this vulnerable under 30.00.

GLDAs long as 122.35 holds, an island bottom remains.

USO (US Oil Fund)New highs-why we always wait for confirmation on possible reversal signals

XLE (Energy) Tested the 50 DMA and had an inside day

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