What a Cliche! $SPY $QQQ $DIA $IWM

January 13, 2013

Mish's Daily

By Mish Schneider

“Two clichés make us laugh. A hundred clichés move us. For we sense dimly that the clichés are talking among themselves, and celebrating a reunion.” Umberto Eco

Low volume week but strong finish pricewise. The trend is clearly intact in the S&P 500. In the NASDAQ, again, in spite of AAPL's weakness, it closed near the highs. And the small caps ended with an inside day, which is a well-deserved breather. So, although the natural tendency is for a climb up the "wall of worry', and anticipation that the "other shoe will drop" (too many clichés?), all systems are go for more upside.

S&P 500 (SPY) Next resistance goes back to September at 148.11. Support to hold 146.75

Russell 2000 (IWM) Took a bit of breather again ending with an inside day

Dow (DIA) Has a small gap from October to fill at 135. Like to see 134.20 hold

NASDAQ 100 (QQQ) Has to clear 67.34 and hold now 66.40.

ETFs:

GLD On that question on whether or not this could hold the 200 DMA, the answer is no.

XLF (Financials) After an inside day, 17.20 is next with 20 the ultimate target. And support 17.00 has to hold

IBB (Biotechnology) Inside day and breather which could be more correction in store if breaks 144.55.

SMH (Semiconductors) 34.00, a nagging point of resistance for a year, is the "somewhere over the rainbow" to clear. But still love this for 2013.

XRT (Retail) Inside day andheld the 50 DMA so for now, will show if this can run with the market, or give a new opportunity to short

IYT (Transportation) 101 coming soon.

IYR (Real Estate) Retreated some from the top of a long ascending channel.

USO (US Oil Fund) Back through the 200 DMA will have renewed life but longer term trend remains negative

OIH (Oil Services) Crossed the 200 weekly moving average

XLE (Energy) 73.89 is the next resistance

TBT (Ultrashort Lehman 20+ Year Treasuries) Sold off on Friday but held the 200 DMA. Still believe rates will climb this year.

For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!