December 7, 2012
Mish's Daily
By Mish Schneider
Inside day in all the indexes except NASDAQ only because it took out prior day low by 2 cents. The technical picture is exciting. With the indexes slowly but surely improving phases (S&P 500 went to an unconfirmed bullish phase), and given the inside days, Friday can turn out to be the deciding factor day as to up or down; and either way-big!
S&P 500 (SPY) The downside risk is that the 50 DMA remains in a negative slope and the price needs to clear it more convincingly. The upside potential is that it does and runs up to early November resistance.
Russell 2000 (IWM) Dancing on the 50 DMA. Has to get above 82.80 to make the 50 DMA a distant memory
Dow (DIA) Short-term resistance to clear at 130.80 with the ever important 200 DMA support to hold
NASDAQ 100 (QQQ) Talk about an inflection area-over the 200 DMA party time and one more failure and down she goes.
ETFs:
GLD If holds 164.50, 166 next resistance
SLV More inclined to look here if gets back over 32.00 and holds
XLF (Financials) Like the inside day over the 50 DMA
IBB (Biotechnology) Broke the 50 DMA with support to hold 136.50
SMH (Semiconductors) Nice move back over 32.00 with the 200 DMA within its grasp
XRT (Retail) Inside day and a definite follow the way the range breaks setup.
IYT (Transportation) Inside day
IYR (Real Estate) Unconfirmed phase change back to bullish
XLI (Industrial Spdr Fund) Inside day and 37.40 needs to clear
OIH (Oil Services) Death cross last week with a move under 38.50 making it vulnerable
TBT (Ultrashort Lehman 20+ Year Treasuries) Really want to see 60.25 clear
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