By Geoff Bysshe, substituting for Mish until 11/28
SPY: Options expiration Friday left the SPY's with an inside day at the bottom of a big down day prior, sitting on the support of the up-sloped 50-day MA, and the lows …
SPY: Big volume down day that broke below a very significant daily wedge pattern and multi-week lows. The market has been choppy of the last several weeks and options expire today so it could be choppy, but this is a …
SPY: Phase and slope unchanged. 4-5 days over a 2-week period of distribution days and volume patterns begin to favor the bears (We have had 3). 122.80 next support. Above 127 would look good.
QQQ: I have been writing about …
After the lightest volume since before the summer, volume stayed light but improved from yesterday making this an accumulation day. SPY broke yesterday's high and low and closed higher. QQQ, even better-never took out yesterday's low and closed higher (not …
A couple of notable features today. First, the inside day in QQQ and DIA- not the major breadth of the market, but noteworthy nonetheless since GOOG and AMZN held well. Second, the volume- - lightest it's been in months. Finally, …
Beginning with a gap higher on Friday, market continued higher on low volume with relief from both an austerity plan (plan, not done deal) from Italy and better than expected consumer sentiment number. Encouraging since Thursday and Friday's action erased …
Interestingly enough, there is US economic data to make a case for the market to hold (jobless claims fall, earnings for 3rd quarter ok). But with European worries and other economic data that suggests otherwise, a case for weakness exists …
NOTE: See MMMDaily for A Pop (Poop) Quiz:
SPY: I wouldn't mind a test of the 50 DMA at 120.00 with the Relative Strength Indexes (RSI) looking oversold. But, first it must break 122.25 and stay below 124.50.
IWM: Looks …
SPY: 127.50 the 200 DMA cleared with an unconfirmed return to an accumulation phase with better than yesterday's, but still less than average daily volume. A break of today's low would be worrisome.
IWM: 77.70 the 200 DMA.
QQQ: What …
SPY: 127.50 the 200 DMA next big area although through Thursday's high could see it clear easily. A reversal if breaks and closes under 123.50.
IWM: Through 75.20 should see 77.75 the 200 DMA handily.
QQQ: Took the lead with …