April 23, 2013
By Mish Schneider
Even with today's shenanigans (in the form of someone hacking into AP's Twitter account and spreading rumors of explosions at the White House), our analysis that the bull trend is continuing became more apparent. The S&P 500 and NASDAQ confirmed their bullish phases. The Russell 2000 moved into an unconfirmed bull phase. (Needs another day over the 50 Simple Moving average to confirm.) If it does, all indexes will once again be in Bullish phases. The Dow is also looking rosier as it moved over the Fast moving average (We use a 10 day). Several ETFs confirmed positive phase changes, with Biotechnology making new highs (yet again). We are in the thick of earnings season, so make sure you know when your instruments are reporting.
A COUPLE OF TODAY'S TESTIMONIALS:
Eddie H. 2nd profit target for me in INTC!!
Gary C. - Great pick by Mish of SMH last week!
S&P 500 (SPY) SPY continued its move upward after yesterday's confirmation of its bullish phase. It finished off the day closing above the 10 DMA.
Russell 2000 (IWM) This index performed well today and cleared both the 10 and 50 DMA. It had a nice rally into the close, which managed to boost it into an unconfirmed Bullish phase.
Dow (DIA) This also had a nice rally into the close, which pushed it over the 10 DMA.
NASDAQ 100 (QQQ) Continued its bounce from the 200 DMA and confirmed its bullish phase.
GLD Closed the gap from 4/19. But ended its several day rally with a decline and a possible bear flag forming. Unless it can clear todays high, still looking vulnerable.
XLF (Financials) Gapped higher this morning and cleared the 10 DMA and the 18.30 area that I mentioned yesterday. Also held the LOD during the rumor-fueled spike down.
IBB (Biotechnology) This sector has been amazing, as it continues to make all- time highs!! Gapped even higher this morning, before closing on the LOD and filling today's gap. Another doji day today, which could mean that this move is running out of gas.
SMH (Semiconductors) Cleared the 35.39 hurdle that I mentioned yesterday and also cleared the channel that goes back to February. Looks great, provided it takes out recent highs at 36.18!
XRT (Retail) Continued its move off of the 50 DMA and closed decisively over the 10 DMA. Has resistance looming at 73.00.
IYT (Transportation) Barely closed over the 50 DMA, pushing this into an unconfirmed bullish phase.
IYR (Real Estate) Continued its move upward from the 10 DMA.
USO (US Oil Fund) Glass bottom in play as long as recent lows hold.
OIH (Oil Services) Confirmed its phase change to warning as it held the 200 DMA.
XLE (Energy) Held the previously mentioned 73.50 area and cleared the 10 DMA.
TBT (Ultrashort Lehman 20+ Year Treasuries) 59.50 huge support to hold.
XOP (Oil and Gas Exploration) Confirmed the phase change to warning as it closed above the 200 DMA.
XHB (Homebuilders) Pushed through the 50 DMA into an unconfirmed bull phase.
UUP (Dollar Bull) Climbed higher with a doji day.
Every day you'll be prepared to trade with: