Where's the Woolly Mammoth? $SPY $QQQ $IWM

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S&P 500 officially closes above the 2008 high. NASDAQ is trading in a price range not seen since 2000. I started to see inklings of the bears on Friday-from the Gann followers to the naysayers to the economists who predict double dip recession. People love to be "right." They love to think of themselves as "prophets", first to predict the gloom and doom. It's what we are programmed for-living in prehistoric times, waiting for the Woolly Mammoth to come and get us. But, our mind is not always our friend. Technical analysis includes both lagging and leading indicators. The signs have been for upside since 2012 began, especially in NASDAQ. There was one test of the 200 DMA in June. That moving average was never violated. Those lows are now a distant memory. Let the market speak to you-watch the moving averages, volume patterns, price action and relative strength indicators. Then, forget being first to call a top or bottom. And always, trade with a plan.

S&P 500 (SPY) The RSIs are high but not in the stratosphere. Digestion and correction of course is welcomed for those not already involved. The bigger question is will investors come in with the mindset that equities are still relatively cheap? 147 pivotal, 144.45 area support. 153.50 area is resistance based on swing highs from 2007.

Russell 2000 (IWM) 86.82 is the 2011 high. Friday it tested with an intraday high of 86.96 and then closed under the 2011 high. So, that is a real concern-can it clear and if not, will the wooly mammoth be around the corner after all?

Dow (DIA) 137.64 last swing high 2007.

NASDAQ 100 (QQQ) 68.86 looks like the magic number to hold. It did get up to the weekly Bollinger Band, which along with IWM could be a real place to look for resistance

ETFs:

GLD DOJI day and not quite to 2012 highs

XLF (Financials) 16.00 now support. Doji day with 2012 highs with 17.20 the 2011 high

IBB (Biotechnology) Began the year taking out 110. Now, up 29% since then. Looking for signs of fatigue, or at the very least, not first on my list for the next big move.

SMH (Semiconductors) Like that the 200 DMA turned up and this cleared it. Next hurdle is 34.00 provided 33.00 holds

XRT (Retail) Continue to look for corrections in this hot group

IYR (Real Estate) 68 resistance based on the weekly Bollinger Band.

USO (US Oil Fund) 36.70 the 200 DMA

OIH (Oil Services) 44.10 the 80 monthly moving average resistance this has not cleared since a year ago August

XLE (Energy) Made a new 2012 high.

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