March 20, 2013
Mish's Daily
By Mish Schneider
Market got through Cyprus, Bernanke, yet still has the looming island top candle in the S&P 500. Unless that gap gets filled (156.22), the buzz around here is caution. After all, I am now beginning to see images of a fly heading into a Venus Fly trap!
S&P 500 (SPY) It’s all about that gap to the island top, which if this can hold today’s gap higher, might be less elusive. But if not, I would take that as a sign that a spring correction (Happy Spring Equinox) is upon us.
Russell 2000 (IWM) Small caps are still key to whether or not the bull move of 2013 remains or goes away.
Dow (DIA) Same. Has to hold the low of the gap higher today and with a doji, show some muscle
NASDAQ 100 (QQQ) 67.50 is key to hold and 69.00 the area to break above
ETFs:
GLD 155 the key to hold
XLF (Financials) Narrow range, inside day. Not surprising really. Financials are in a holding pattern
IBB (Biotechnology) Better, but overbought with a brick wall high to clear.
SMH (Semiconductors) Better confirmation of the 50 DMA support. Back through 35.50 even better
XRT (Retail) Strong action here, a good sign.
IYT (Transportation) Broke with FedEx. But, holding the fast moving average with an inside day
IYR (Real Estate) Interesting doji, hammer, inside day.
USO (US Oil Fund) Inside day and hugging the 200 DMA
OIH (Oil Services) Confirmed phase change to weak warning with an inside day.
XLE (Energy) Held the 50 DMA with an inside day. Subs: Over 79.10 returns over the 10 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Back to unconfirmed bullish phase.
XOP (Oil and Gas Exploration) Inside day
XHB (Homebuilders) Did what it had to do
UUP (Dollar Bull) 22.64 key
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