May 24, 2012
Mish's Daily
By Mish Schneider
Good basing action in the market with anticipation that Friday, ahead of a holiday, could be quiet. The indexes are testing the fast moving averages. I would not be so bold to say the worst is over, but at least there are technical signals that will be clear to follow.
S&P 500 (SPY) Over 133.10 looks good
NASDAQ 100 (QQQ) 62.95 and over good. But like all the indexes, still in a strong warning phase
ETFs:
XLF (Financials) Would like to see 14.40 clear
IBB (Biotechnology) cleared the fast moving average
XRT (Retail) 59.25 next hurdle with 58.65 now support
IYT (Transportation) Cleared 91.00 is where it broke down from. Now, 90.25 has to hold
IYR (Real Estate) Held a key monthly moving average. Overhead resistance, particularly at 63.00. But unless it breaks under recent lows, another good sector to watch.
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT could not take out the all-time high and is now testing the fast moving average before calling this an all-out reversal
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