July 30, 2012
Mish's Daily
By Mish Schneider
Appreciated the respite after last week's roller coaster ride. And, makes sense with a FED meeting coming up next couple of days. The respite also points towards positive digestion of the recent move considering the bull phase and good accumulation in volume last week.
S&P 500 (SPY) 139.00 remains a pivotal area after the gap fill from May.
Russell 2000 (IWM) Filled the gap to 79.81. 78.50 now support to hold and this continues to have more to prove.
Dow (DIA) Under 130 would anticipate some more correction. Otherwise, 131.50 the overhead gap to fill
NASDAQ 100 (QQQ) Could not cross 65.31 last swing high. Under 64.00 and that will start to look like a new top; otherwise, above that would follow.
ETFs:
GLD Took a bit of a pause while silver went to town. 154.50 support 160.50 next resistance.
XLF (Financials) 14.85 last swing high. Inside day and would follow it above Friday's high.
IBB (Biotechnology) Anything can happen, but looks like the monthly close over 130 keeps a long term bull trend intact
SMH (Semiconductors) Back above 32.40 compelling after it retreats some from the 200 DMA
XRT (Retail) Inside day.
IYR (Real Estate) 65.20 held and we respect that!
USO (US Oil Fund) Has an island top provided it does not clear 33.96.
OIH (Oil Services) Tight inside day even though now overbought
XLE (Energy) Also overbought in confirmed accumulation phase
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