Market Analysis for Trading on 4/16/2014

Mish Schneider | April 16, 2014

This week’s abbreviated Evening Watch will be prepared by Matthew Mullins, the leader of Marketgauge’s day trading chatroom and Assistant Director of Trading Education and Research. Mish is traveling to New York, where she will be working through the end of June. Mish will resume her market analysis on Monday 4/21.

S&P 500 (SPY) Broke out of the inside day, then failed tested S1 and closed near today’s high. I will be closely watching how SPY reacts to the 50 DMA (184.78) tomorrow. It will be encouraging to see it clear the 50 DMA, however today’s action could have been a rally into resistance.

Russell 2000 (IWM) Tested and held the 200 DMA and has a potential slingshot low (if it confirmstomorrow). Watch the 200 DMA as support.

Dow (DIA) Cleared the 50 DMA today to bring this into an unconfirmed Bull phase.

Nasdaq (QQQ) Also has a potential slingshot low that is awaiting confirmation. Holding the upward sloping 200 DMA.

XLF (Financials) Broke out of the inside day and is nearing the 50 DMA at 21.83.

SMH (Semiconductors) Bullish engulfing day on the upward sloping 50 DMA –as Mish has mentioned previously, this is the place to be first if the market firms.

IYT (Transportation) Moved into an unconfirmed bull phase. The 50 DMA at 132.89 should hold.

IBB (Biotechnology) Potential slingshot low, however this is under considerable resistance under the 200 DMA.

XRT (Retail) Looks heavy under today’s low. Has very little support until 79.38 (65 week moving average).

IYR (Real Estate) Tested and held the upward sloping 50 DMA, bringing this into a confirmed bull phase. Possible resistance at 68.89.

XHB (Homebuilders) Clinging onto the 200 DMA

GLD Gapped lower and closed over the 200 DMA to bring this into an unconfirmed warning phase.

USO (US Oil Fund) Inside doji day. Watch the direction of the range break.

OIH (Oil Services) 51.24 is the point to clear.

XLE (Energy) 91.30 is potential resistance

XOP (Oil and Gas Exploration) New all time highs in XOP.

Bye for Now!