December 27, 2011
Mish's Daily
By Mish Schneider
SPY: rallied 5 days in a row drawn to the 200 DMA on light volume. Needs to stay there are approaching overbought on 2-Day RSI. Got a second close to confirm an accumulation phase.
QQQ: Tried but could close above the 200 DMA. It is not overbought, therefore still a good indicator. 55.35 underlying support.
IWM: After a doji day, closed above the trendline. The 200 DMA at 76.30. Otherwise, under today's low, could see 73.00.
ETFs:
GLD Gapped lower and never filled the gap from Friday's low. Beginning to see some distance between current price and the 200 DMA.
XRT (Retail) Top of the range. Like to see this either blast through 54.00 or would not discount another drop closer to 50.00.
XLF (Financials) 12.88 now an area to watch. 13.50 resistance.
IYT (Transportation) 90.55 high 12/05. Also needs to clear with some oomph or we can view the past 5 days up as a run to the top of the recent trading range since August.
IYR (Real Estate) Closed just shy of the 200 DMA and now overbought. 55.00 to hold and 58.20 important to clear.
IBB (Biotechnology) Overbought on the 2-Day RSI as it touched the top of a channel.
SMH (Semiconductors) Closed right on the 50 DMA eking out a confirmed phase change.
OIH* (Oil Service) Now 2 tops with today's high and last week's high. That area has to clear or could see a drop to 113, now support.
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