Mish's Daily for 3/24/2014

March 23, 2014

Mish's Daily

By Mish Schneider

Michelle Schneider will be on vacation until 3/21. In her absence, Matthew Mullins ( Assitant Director of Trading Education and Research, and leader of the Day Trading chat room) will prepare the abbreviated Evening Watch.

S&P 500 (SPY) The 189.00 area should be support.

Russell 2000 (IWM) 118.50 is the 10 DMA. Watch that level to be support. If that breaks 118.10 area should hold.

Dow (DIA) Closed just over the 10 DMA. Watch to see if that can hold.

Nasdaq (QQQ) This was the worst performing index on Friday. If 88.63 breaks, expect a test of the 50 DMA.

XLF (Financials) Has been very strong. However, it closed with a possible slingshot high on Friday. Watch to see if this confirms on Monday. If so, expect a test of the 10 DMA.

SMH (Semiconductors) Possible slingshot high on Friday. Watch to see if Friday’s low can hold.

IYT (Transportation) Resistance at 136.94. 133.60 should be support.

IBB (Biotechnology) Nasty day in IBB! This is now in an unconfirmed warning phase.

XRT (Retail) Watch 85.55 for support.

IYR (Real Estate) This found support on the upward sloping 50 DMA. Closed over the 10 DMA.

XHB (Homebuilders) Closed under the 50 DMA to put this into an unconfirmed warning phase. 32.35 should be support.

USO (US Oil Fund) Wedged between the upward sloping 50 DMA and 200 DMA. Looks good over 35.88.

OIH (Oil Services) 49.34 is potential resistance. This is nearing overbought conditions.

XOP (Oil and Gas Exploration) Holding the 10 DMA. 69.30 should hold. Looks great over 71.27.

TBT (Ultrashort Lehman 20+ Year Treasuries) Broke down out of the inside day.

UUP (Dollar Bull) Two indecisive doji days in a row.

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