Market Analysis for Trading on 3/21/2014

Mish Schneider | March 21, 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) Inside day. Looks much better over 188. Today’s low must hold. Subscribers: Positive pivots in all indexes

Russell 2000 (IWM) Two inside days! The direction of the inside day’s range break will be a good indicator for the direction of Friday’s overall direction. 119.88 needs to clear and 118.10 needs to hold.

Dow (DIA) Inside day holding the 50 DMA. Watch the direction of the range break. If today’s low breaks, watch the 50 DMA to be support.

Nasdaq (QQQ) Inside day. 90.66 needs to clear and today’s low needs to hold.

XLF (Financials) Very strong today. XLF made new 2014 highs today. Regional banks are especially strong.

SMH (Semiconductors) Broke recent highs and closed at a new all time high.

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

IBB (Biotechnology) Indecisive doji day. Has support at the 50 DMA.

XRT (Retail) Inside day. Watch 85.55 for support.

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

XHB (Homebuilders) Closed under the 10 DMA. The 50 DMA, at 32.50 should be support.

GLD Doji day

USO (US Oil Fund) Wedged between the upward sloping 50 DMA and 200 DMA. Looks good over 35.87.

XOP (Oil and Gas Exploration) Holding the 10 DMA. 69.30 should hold.

TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day.

UUP (Dollar Bull) Gapped higher and had a doji day. 21.57 is the 50 DMA.

EEM (Emerging Markets) Subscribers: Confirmed the Bear phase.

KRE (Regional Banks) Subscribers: New 2014 high. Strong group!

BAL (Cotton) Subscribers: Looks great over 58.23

Bye for Now!