June 28, 2012
Mish's Daily
By Mish Schneider
Hope traders had their seatbelts on and fastened. A historical day in U.S. history and a day where a trading plan was even more paramount than usual. Most interesting pattern to note on all indexes (except NASDAQ 100) is that they closed at a higher price than where they opened. (Bullish Candles in a still Strong Warning Phase)
S&P 500 (SPY) 133.56 still resistance. The 200 DMA most critical support. Big distribution day in volume with an "anything can happen" from here scenario in the works.
Russell 2000 (IWM) 77.35 area the fast moving average now resistance. If holds from here, could get interesting as 78 is a big point to clear. Held the 200 DMA which is the best indication that a rally is not out of question
Dow (DIA) 123.60 the 200 DMA with the low on Thursday interim support. The fast moving average now resistance.
NASDAQ 100 (QQQ) The weakest index, found support at the lows from the beginning of June when it gapped up. Held nearly to the tick. Resistance at the fast moving average
ETFs:
GLD Bearish Bias correct in metals and commodities in general. SLV broke critical support
XLF (Financials) Stunning comeback end of day holding the 200 DMA and closing right at the fast moving average. Would follow above Wednesday's high
IBB (Biotechnology) Big giant, big fall. Has to set up again by holding the 50 DMA. Giving this time
XRT (Retail) Held up well all things considered and holding the 200 DMA. Yet still underperformed thereby vulnerable
IYT (Transportation) Impressive rally off the 200 DMA and closed in the green!
IYR (Real Estate) Smoking move over the 50 DMA. Been on top of this all month
USO (US Oil Fund) Got that new short opportunity on Thursday. Not yet oversold either.
XLE (Energy) Looks a lot better than oil now, especially since it closed in the green
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT closed on the low end of the day's range-could be a tell-tale sign of next direction. 125.90 is the number to hold
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