December 10, 2013
By Mish Schneider
Red and green are not only the colors of the season, but also those of my radar screen. Not much in the way of volume either, which means the first day of the second week, of the last month of the 13th year of the 21st century, did absolutely nothing to change the course of the bull market. Just making me look even more forward to some good ole holiday cheer!
S&P 500 (SPY) 181.75 the 2013 high with Monday’s high 181.67so close. Now, 180.50 pivotal support with slight overbought conditions coming into view
Russell 2000 (IWM) If there was damage to be done, it could have been here. However, all this did was close right at the fast moving average.
Dow (DIA) 159.75 becomes an important area of support
Nasdaq (QQQ) New highs and also approaching overbought on weekly and monthly charts
XLF (Financials) Cleared 21.45 and now has to hold around there
SMH (Semiconductors) Looks like it confirmed the runaway gap
XRT (Retail) With a good 5-6 day correction, Monday’s low becomes important
IYT (Transportation) 128.40 good point to hold now for it to continue
IBB (Biotechnology) Held 219 and digesting
IYR (Real Estate) Cleared the fast moving average. Looks like unless something dramatic happens with rates, might be trying to bottom
XHB (Homebuilders) Now has to clear 31.50 to continue
GLD Holding on for dear life
USO (US Oil Fund) Backing away from the overhead resistance with a move under 34.85 looking like more downside
OIH (Oil Services) I like the long term chart so watching for a move over 48.25
XLE (Energy) Inside day
XOP (Oil and Gas Exploration) Oversold now
TBT (Ultrashort Lehman 20+ Year Treasuries) Not letting go of TLTs future just yet
EWG (Germany) 30.33 is the low of the island top to clear to negate that pattern
FXI (China) Inside day
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