A Productive Friday $DIA $QQQ $IWM $SPY

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After Thursday’s strange day, today was a great way to finish off the week. The Nasdaq (QQQ)gapped higher this morning and spent the day consolidating at higher levels. The S&P 500 (SPY)confirmed its bull phase. The Russell 2000 (IWM) looks poised to climb higher after holding the 10 DMA and closing above the high from the day that it gapped down (8/15). The Dow Jones Industrial Average (DIA) broke out of its inside day and is beginning to climb back to support. It is beginning to look like the market wants higher prices and this correction may be coming to an end. Although, it is worth noting that volume was not impressive in the indexes (except in DIA, which had an accumulation day). The next test for the indexes is if IWM and SPY can close the gap from 8/15. TBT dropped sharply today and closed beneath the 10 DMA.

S&P 500 (SPY) Confirmed the bullish phase and closed just under the 10 DMA but above the gap from 7/11.

Russell 2000 (IWM) Closed above the 10 DMA. Watch for 103.33 to clear.

Dow (DIA) Broke out of its inside day and climbing.

Nasdaq (QQQ) Gapped up and consolidated. Watch for Friday’s low to hold.

ETFs:

XLF (Financials) Pushing against the 50 DMA and looks poised to break it. Still in a warning phase.

SMH (Semiconductors) Sideways consolidating action. Doji day. The 10 DMA needs to clear.

XRT (Retail) Broke down from its inside day and closed on support.

IYT (Transportation) Confirmed the bull phase. Digesting the big move from Thursday.

IYR (Real Estate) Broke out of its inside day and closed above the 10 DMA.

XHB (Homebuilders) Closed under the 10 DMA but is holding the 200 DMA.

GLDGreat move and had anaccumulation day in volume.

USO (US Oil Fund)Closed above the 10 DMA.

OIH (Oil Services)Confirmed the bull phase with an accumulation day. Watch for 45.50 to hold.

XLE (Energy) Closed above the 10 DMA and is now in an unconfirmed bullish phase.

XOP (Oil and Gas Exploration) Closed above the 10 DMA and confirmed the bullish phase.

TBT (Ultrashort Lehman 20+ Year Treasuries) Broke down out of its inside day and closed under the 10 DMA. Look to 79.00 as support.

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