Market Analysis for Trading on 4/9/2014

Mish Schneider | April 8, 2014

An excerpt from Monday’s night daily: All in all, expect that although overall damage done, an unchanged or even slightly lower open tomorrow will bring in some buyers.

And so it did. However, as one who tracks several indicators, not the least of which are the pivots and their lineups, I can tell you that Tuesday’s session does not bring back the warm and fuzzies.

The Dow could not cross the floor trader midpoint and the others could not clear either first resistance points (R1) nor prior day high. The Dow is super close to the 50 DMA while the S&P 500 tested it and then held on. Of course, the small caps and NASDAQ are well beneath their 50 DMA.

So what else? An inside day (range inside of Monday’s range) in the Russell 2000s aka small caps and NASDAQ.

With lots of overhead resistance, we can only assume that even if we get another green day, the worst is not over-still no reason to reiterate the signs of a bottom.

S&P 500 (SPY) The 50 DMA is at 184.15. A move over 185.81 could bring some more life Subscribers: Negative Pivots here and in DIA. Positive in QQQ and IWM

Russell 2000 (IWM) Over 114.46 would be welcomed. Otherwise, a good one to follow the range break either way

Dow (DIA) 161.30 the 50 DMA to watch here

Nasdaq (QQQ) Over 86.75 some relief here otherwise, another one to watch for the range break to follow

XLF (Financials) Tested and held the 50 DMA. If moves back over 21.96 a better sign all around

SMH (Semiconductors) Semis the new biotech and so much prettier than their predecessors

IYT (Transportation) 132.50 the 50 DMA

IBB (Biotechnology) Bumping above the 200 DMA but way too soon to predict if that will hold

XRT (Retail) Inside day on the 200 DMA-big eyes to see where this goes

IYR (Real Estate) Inside day. 68.85 decent resistance-and if clears very promising

XHB (Homebuilders) 31.09 the 200 DMA

GLD Crossed the 200 DMA but not the 50 DMA-watch the range today-especially after the FED minutes-could very well set the trend direction for the next few months

USO (US Oil Fund) 37.34 and above negates the island top

OIH (Oil Services) Inside day after the nasty topping candle

XLE (Energy) Inside day

XOP (Oil and Gas Exploration) Inside day and back over the fast moving average

TBT (Ultrashort Lehman 20+ Year Treasuries) FED minutes coming up

FXI (China Large Cap Fund) Subscribers: Reached P1!

CORN (Corn) Subscribers: It should continue up from here if old fashioned chart reading still works

FCG (First Trust ISE Reserve NatGas) Looks pretty good here even near the highs

SGG (Sugar) Subscribers: 55.00 has to hold but just bottom picking until this clears 60.00

Bye for Now!