Market Analysis for Trading on 4/24/2014

Mish Schneider | April 23, 2014

I hope some of you took heed of the love affair we have had this year in soft commodities as many had spectacular day, especially in light of the unimpressive day in equities.

Corn, sugar, live cattle all performed well to name a few. The stock market indices closed red. An indigestion day? Perhaps. As expected, NASDAQ turned out weakest-with the others (IWM SPY DIA) posting an inside day-when the trading range is within the trading range of the day prior.)

Rates continue to creep the market out some-wasn’t the opposite effect the original intention?

S&P 500 (SPY) Inside day. 187.15 held with the April highs 189.70 Subscribers: Negative Pivots in all

Russell 2000 (IWM) Inside day.115.84 the overhead 50 DMA with 113.50 area to defend now

Dow (DIA) Inside day. April high 166.06 and now, 164.30 area to defend

Nasdaq (QQQ) 86.04 the fast moving average to defend and only a move over 87.88 would get exciting

XLF (Financials) Confirmed bullish phase if it holds above 21.90

SMH (Semiconductors) That high to clear from 4/10 is 46.03 with the 10 DMA at 44.96 the support-Inside day

IYT (Transportation) Maintained new highs and quiet

IBB (Biotechnology) gave back and a key to the market overall as it needs to hold the gap from Tuesday

XRT (Retail) Closed just shy of the 200 DMA after trading above it intraday-another key

IYR (Real Estate) March high 69.33-took the bad housing numbers well

GLD Right on the month moving average which means has to hold or could be in bigger trouble

TBT (Ultrashort Lehman 20+ Year Treasuries) Needs to run back up over 65.40 to get interesting

EEM (Emerging Markets) Subscribers: A weekly close over 42.26 will be an interesting breakout

FXI (China Large Cap Fund) The hammer doji candle suggests that the correction could have run its course

TAN (Guggenheim Solar Energy) Subscribers:

CORN (Corn) Subscribers: Over 35.00 looks good

BAL (Cotton) Subscribers: Another one to watch for a weekly breakout over the 200 week moving average

FCG (First Trust ISE Reserve NatGas)

SGG (Sugar) Subscribers: Unconfirmed recovery phase if holds today’s lows

JO (Coffee) Subscribers: The 200 weekly moving average coming up

Bye for Now!