Glass Ceilings $SPY $IWM $QQQ $DIA

December 3, 2012

Mish's Daily

By Mish Schneider

Last week Russell 2000 improved to a bull phase, while S&P 500, NASDAQ had yet to catch up. The DOW, never got close , barely hanging onto a warning phase, which with the start of the week, deteriorated back to a unconfirmed distribution phase. The others even with the noise are status quo. Low volume selloff with some bearish looking candles, although the market internals especially in NASDAQ remain positive. Lots of stocks that made new highs fell hard creating what we call “Glass Ceilings.”

S&P 500 (SPY) There is concern that this backed off so much from the 50 DMA after gapping above it early in the day. 142.51 clears the 50 DMA 140.75 support to hold based on the fast moving average.

Russell 2000 (IWM) Wrote on Sunday that the way it breaks on Monday should help to set the tone for the day and possibly the week. It maintained the strong phase provided 81.80 holds.

Dow (DIA) Closed below 129.75 the line in the sand, which means if does so a second day, a real reason for bulls to be cautious.

NASDAQ 100 (QQQ) Couldn't clear the overhead 50 DMA resistance as now watching to see if this does hold the 200 DMA at 65.50.

ETFs:

GLD Inside day with a hammer candle. Unclear.

SLV Sitting above the 50 DMA also with an inside day, hammer candle and DOJI

XLF (Financials) Until this clears 15.85, hard to get too excited about the market

IBB (Biotechnology) 2nd Bearish engulfing pattern on the 50 DMA. An inflection point

SMH (Semiconductors) Began the week under 32.00 or the 65-weekly moving average.

XRT (Retail) It could be just resting, but better wake up soon or at least hold 62.50

IYR (Real Estate) Cleared the 200 DMA for an improved phase change.

OIH (Oil Services) Death cross last week with a now heavier looking chart

TBT (Ultrashort Lehman 20+ Year Treasuries) 60.00 next support with 60.60 pivotal

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