Rather dull beginning of the week in the indices. No deal breakers to speak of. The Russell 2000sheld support as did NASDAQ, the Dow and the S&P 500. Notable could be NASDAQs inability to clear 92.80, a relatively solid pivotal chart point on the daily.
But then, recycling the summer light versus winter shade Dickensian quote, the light shone on several equities-3D Systems, Tesla, Google, First Solar to name a few. The frigid included several names in Biotechnology andcertain other Solars (rotation) a few of the highlightedcommodities from last week especially Corn, Oil and Sugar, which still looks promising.
One rather bizarre anomaly is China-although well above the major daily moving averages, theETF retreated significantly from the highs while several China Company stocks began to rebound. Perhaps there is fear of rising rates-perhaps it ran too rich. The longer term charts do have a bottoming look to them. Seems, it will take more time for their country fund to play catch up with the US!
S&P 500 Looks like a healthy rest (SPY) Subscribers: Negative Pivots in all except IWM-more neutral
Russell 2000 (IWM) 117.40 area support and stopped today at some daily chart resistance from early April
Dow (DIA) Very close to new highs -trouble happens under 168
Nasdaq (QQQ) 92.80 becoming even more pivotal into Tuesday
XLF (Financials) Like this A LOT!
KRE (Regional Banks) 40.76 to clear for this to join in
SMH (Semiconductors) Sideways and well deserved rest
IYT (Transportation) Like to see today’s lows hold
IBB (Biotechnology) 250 should be the support now
XRT (Retail) Inside day and has to clear the March highs 87.53
ITB (US Home Construction) Like this over 24.25- on a closing basis
GLD 2 inside days now-could see some action on Tuesday
TAN (Guggenheim Solar Energy) Inside day
PHO (Power Shares Water Resources) 27.23 2014 high
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT Weak close so time to watch the 111 level
FXI (China Large Cap Fund) One day when this clears 38 on a weekly close, China will be the talk of the town
SGG (Sugar) Subscribers: Rejected the 200 DMA today
JO (Coffee) Subscribers: Inside day and watching for now
Bye for Now!