September 18, 2012
Mish's Daily
By Mish Schneider
Second day of low volume correction, which is bullish action. And AAPL, GOOG leading the charge. I see last couple of days as a gift should markets firm from here. We have established areas of support to hold and reference points above to penetrate. And, some volume returning would be comforting confirmation.
S&P 500 (SPY) 147 remains pivotal
Russell 2000 (IWM) It seemed as though this might test the 84.65 level. But after 2 days, hanging out above the 10 DMA with 2 doji days in a row
Dow (DIA) Closed green. Above Monday high could see another leg up provided 135.15 holds
NASDAQ 100 (QQQ) High RSIs on daily and weekly, but along with the leading stocks, looks as though it will have more upside from here provided 69.80 holds
ETFs:
GLD Inside day.
XLF (Financials) Held 16.01 old 2012 high. Now, over today's high could get interesting.
IBB (Biotechnology) Another new high and why one should never fight a trend.
SMH (Semiconductors) Tested and held near support. Now, watching this to see if can firm and gain upward momentum back over 33.00
XRT (Retail) Touchdown on 10 DMA, which has to hold
IYR (Real Estate) Has to hold the 10 DMA now
USO (US Oil Fund) Inside day under the fast moving average. Over Tuesday high better. Otherwise, vulnerable down to the 50 DMA.
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
