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Stocks Are Pushing Higher

5/6/2014

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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


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