Baked AAPL $SPY $QQQ $IWM $DIA

December 5, 2012

Mish's Daily

By Mish Schneider

Does the market need AAPL? Maybe, best answer. Although S&P 500 had a range expansion and good day, it still failed to cross above the 50 DMA for a positive phase change. Russell 2000 held the 50 DMA once again, but closed red. The Dow, closed back above the 200 DMA for an unconfirmed phase change and NASDAQ (most impacted) closed in an unconfirmed distribution phase (worse than where it was in the prior session). Best hope is that either DIA or SPY carries us up or Wednesday's session was a one day wonder.

S&P 500 (SPY) Accumulation day in volume, but as mentioned, until it clears and closes above the 50 DMA, keep nimble on longs

Russell 2000 (IWM) Closed weak which means 81.62 now support. Could go to fill gap 81.31 but for health of market would prefer it does not.

Dow (DIA) Back above the 200 DMA and now short-term resistance to clear at 130.80 with the ever important 200 DMA support to hold

NASDAQ 100 (QQQ) Naturally, a distribution day in volume as this deteriorated in phase and now looking a bit oversold with next support the last swing low 64.25

ETFs:

GLD Support at 163.50 was tested but held.

SLV More inclined to look here if gets back over 32.00

XLF (Financials) Closed right at 15.85 making that a key area to hold for a confirmation that today's move was real

IBB (Biotechnology) Holding the 50 DMA at 138 which could be a good sign if continues

SMH (Semiconductors) Began the week under 32.00 or the 65-weekly moving average. Like to see it end the week over that level

XRT (Retail) It could be just resting, but better wake up soon or at least hold the 50 DMA

IYR (Real Estate) Got to the 200 DMA and held. Needs to continue to do so

XLI (Industrial Spdr Fund) 37.40 needs to clear

OIH (Oil Services) Death cross last week but with a positive close

TBT (Ultrashort Lehman 20+ Year Treasuries) Really want to see 60.40 clear to get excited about the market

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