November 6, 2012
Mish's Daily
By Mish Schneider
Market action Monday was neutral to slightly positive having held key support levels but not able to clear key resistance. And, all phases are in warning, which means unclear and at this point more vulnerable than not unless the internals improve. The 50 DMA looms as resistance and the 200 DMA as a mattress to catch them if they fall. Volume was super low and should be again Tuesday.
S&P 500 (SPY) Held the week of 10/26 low at 140.39 which remains support. A move over 142.38 will bring relief
Russell 2000 (IWM) Closed above the fast moving average with 81.90 still overhead to clear. 80.56 is the 200 DMA and unless it can get back over 81.90-82.10 area, seems that we could see that and possibly worse.
Dow (DIA) Unless this clears 131.35, still wants to visit the 200 DMA
NASDAQ 100 (QQQ) Went back to an unconfirmed warning phase but could not clear the fast moving average. Under the 200 DMA should test the 10/26 low 65.35. Otherwise, the real point to clear is 66.21 Friday high.
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