Market Analysis for Trading on 3/18/2014

Mish Schneider | March 17, 2014

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) Potential resistance overhead at the 10 DMA. The 10 DMA is at 187.06Subscribers: Positive pivots in all indexes

Russell 2000 (IWM) Broke out of the inside day but could not hold the 10 DMA. Look for 118.75 to clear.

Dow (DIA) Closed over the 50 DMA to put this instrument back into an unconfirmed bull phase. Watch for the 10 DMA to clear (163.01)

Nasdaq (QQQ) Looks better over 90.22

XLF (Financials) 22.14 needs to clear. Watch pdl as support.

SMH (Semiconductors) 43.64 should be support. Watch for this to clear the 10 DMA.

IYT (Transportation) Broke out of the inside day. Needs to clear 136.95.

IBB (Biotechnology) Compressed between the 10 DMA and the upward sloping 50 DMA

XRT (Retail) 85.19 should be support. Watch for this to take out the 10 DMA.

IYR (Real Estate) Support at the 68.50 area. Has held up very well.

XHB (Homebuilders) Has been trading within the range of the 3/13 candle. Looks good over the 3/13 high.

GLD 130.15 fills the gap.

USO (US Oil Fund) Broke down under the 50 DMA to put this into an unconfirmed bear phase. Looks very heavy under today’s low.

OIH (Oil Services) Needs to hold the 50 DMA at 47.15.

XLE (Energy) Holding the 50 DMA and looks poised for a move up to recent highs. Next hurdle is 87.31.

UUP (Dollar Bull) Inside day

EEM (Emerging Markets) Subscribers: Approaching the converging 10 and 50 DMAs at 39.12.

KRE (Regional Banks) Subscribers: Looks great over 41.47.

CORN (Corn) Subscribers: Forming a pennant formation under the 200 DMA ( 34.29)

BAL (Cotton) Subscribers: Inside day

SGG (Sugar) Subscribers: Confirmed the Recovery phase

Bye for Now!