Monday, May 5, 2014
Stocks Are Pushing Higher.
All indices gained today and only IWM lagged the market very slightly. A mini-swing is unfolding that is likely to take SPY and DIA to new highs.
$SPX: support around 1840. New highs likely
DIA: good support around $162-163. New highs likely
QQQ: strong support at $85.11 and even stronger at $83.28. Currently at resistance, but likely to push through it
IWM: support at $107-109. First resistance is at $113.12. It should clear it
TLT: Inside day and overbought. First support is at $110-111
EEM: There seems to be good support now at $40.54. It will probably retest that area again soon
Gold: rallied for the second day, but ran into resistance at the 200 DMA. Its still rather weak
GDX: same story as gold
IYR: like the Energizer bunny!
Oil: I believe its finding support in the $98.70-99 area and may rebound from here. But the April 16 peak is looking more and more like the double top (together with the March 1 peak)
Natural gas: may be gathering strength for a push higher. A close below $4.76 would negate this argument in a short term.
Open positions: IYR, TLT, EEM, DIA, UGAZ, TNA