Market Analysis for Trading on 3/17/2015

Mish Schneider | March 17, 2015

The modern family came out swinging this week, and that’s before they celebrate St. Patrick’s day!

Mish is out ill today so filling in is her family, Jonathan griffin and Keith Schneider.

S&P 500 (SPY) Back to unconfirmed Bullish phase and reclaimed the January calendar range high at 206.88. Now 206 is the first line of support and 204.40 if the last line of defense. Otherwise still in gear to go higher Subscribers: Positive Pivots in all

Russell 2000 (IWM) Sitting at all time highs, paused at the one month calendar high. Still the strongest index with a nice base of support around 119 to 120

Dow (DIA) Unconfirmed bullish phase. Trend is strong yet still has significant overhead at 181.

Nasdaq (QQQ) Bull phase, significant overhead at 108, support at 104.59.

XLF (Financials) Cleared and closed over 24.60 now we need to see this clear 24.90 to really be in gear!

KRE (Regional Banks) Tight trading range with a potential setup for an explosive move to the upside.

SMH (Semiconductors) Improved in condition, important support at 54.00. After the good bounce off a retracement to the 50 DMA and a trend line going back to 12/8/2014

IYT (Transportation) Strong move up. Good sign for the overall economy.

IBB (Biotechnology) New all time high close! Parabolic move continues with no overhead in sight!

XRT (Retail) Can’t argue with a new all time high close, however still needs to clear 99.75 to take out all resistance.

IYR (Real Estate) The weak other sister! Very sensitive to a rate increase.

ITB (US Home Construction) Inside day, weak performer, waiting on Yellen!

GLD (Gold Trust) Most unusual pattern. Four narrow range days of compression near the lows.

GDX (Gold Miners) If looking for a metals play this is the one. Holding up much better than bullion.

USO (US Oil Fund) OIL Possible blow off bottom, very oversold, climax volume. If looking to play crude the OIL ETF looks best.

OIH (Oil Services) Possible slingshot. This confirms the action we have seen in the oil market. Look here for stocks to play tomorrow!

XLE (Energy) Coming off oversold, energy sector bouncing off resent lows and looking washed out!

TAN (Guggenheim Solar Energy) If holds 42.00 can look for an reentry-otherwise, waiting for 40.00

TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs support 126.25 and resistance at 128.20

UUP (Dollar Bull) Took a day to rest near the highs.

EWW (Mexico) Improved in condition yet still needs to clear the 50 DMA at 58.30.

EWG (Germany) Strong move up after gaping on the open, cleared and closed over recent highs!