Crawling On All Fours $SPY $IWM $QQQ

September 19, 2012

Mish's Daily

By Mish Schneider


Today was the day the market needed to get some legs. Instead, it was more on its knees for the crawl. Nothing horrible has happened, but the near-term internals signaling somewhat bearish along with the longer term internals still very bullish have to play themselves out.

S&P 500 (SPY) 147 remains pivotal on a closing basis. There was a teeny accumulation in volume.

Russell 2000 (IWM) After 2 doji days, today had a bearish engulfing pattern which means that continue to watch this for signs of more correction or time to buy, buy, buy.

NASDAQ 100 (QQQ) Small accumulation day in volume as high RSIs continue to be a factor in bringing in fresh buyers.

ETFs:

GLD Inside day followed by a narrow range day. Paused.

XLF (Financials) Disappointing close, which means back to looking at 15.70 area support unless it gets through today's high

SMH (Semiconductors) Unconfirmed phase change to warning. Looking to see what happens at 32.40 or if it can turn around and close over 33

XRT (Retail) Touched the 10 DMA and rallied better than most other groups-XHB was an exception.

IYR (Real Estate) Could not hold the 10 DMA. 66.20 was the 2012 high until recently. Now, after the FED announcement, if cannot hold-the contrarians could have their day

OIH (Oil Services) If holds today's low ok, but the 80 monthly moving average I wrote as resistance keeps the longer term bear trend intact

XLE (Energy) Has to hold today's low. But unlike OIH, long term trend turned up last year

TBT (Ultrashort Lehman 20+ Year Treasuries) 16.22 the fast moving average. Note that TLT went back over the 200 DMA.

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