Holding On $DIA $QQQ $SPY $IWM

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All four of the major indexes closed higher than yesterday’s close, although not very impressively. Recent support was held in the Russell 2000 (IWM) and the S&P 500 (SPY). However, both indexes were unable to clear the key levels that they needed to. In order for me to have more faith in the market, SPY needs to clear the recent swing low at 64.19 and IWM needs to clear the 50 DMA. Nasdaq (QQQ) had an inside day today. The direction that today’s range breaks in QQQ will be a good indicator of the market’s next short term move. It is encouraging that the market is holding up at these levels, but it is still very vulnerable. Especially as we consider the unfolding events in Syria and their worldwide ramifications.

S&P 500 (SPY) Watch for 164.19 to clear and today’s low to hold. Subscribers: Pivots slightly negative.

Russell 2000 (IWM) Watch for today’s low to hold. Will be more encouraged if today’s high can clear, which lines up with the low of the gap from 7/10. Subscribers: Pivots negative.

Dow (DIA) Watch for today’s low to hold and today’s high to clear. Today’s high lines up with the swing low from 8/21 and is an important level to clear. Subscribers: Pivots positive.

Nasdaq (QQQ) Inside day. Watch for today’s low to break and today’s high to clear. Becoming compressed between the 10 and 50 DMAs. Watch which way the range breaks Subscribers: Pivots neutral.

ETFs:

XLF (Financials) Tested support at 19.35, watch for today’s low to hold. Good volume today.

SMH (Semiconductors) Opened higher and was bolstered by an impressive day in CRUS.

XRT (Retail) Inside day. Watch which way the range breaks.

IYT (Transportation) Confirmed the warning phase. 112.44 (swing low from 8/15) is an important level to hold.

IBB (Biotechnology) Held support and closed above the 10 DMA.

IYR (Real Estate) Holding the downward sloping 10 DMA.

XHB (Homebuilders) Closed under the 200 DMA, confirmed the distribution phase.

GLDInside day. Watch which way the range breaks.

USO (US Oil Fund)Climbed higher and is approaching overbought territory.

OIH (Oil Services)Impressive move today, considering the overall market. 45.96 is resistance.

XLE (Energy) Nice move today, bringing this ETF into an unconfirmed bull phase.

TBT (Ultrashort Lehman 20+ Year Treasuries) Holding the upward sloping 50 DMA.

UUP (Dollar Bull) Holding the 10 DMA.

EWG (Germany) Subscribers: Tested and held the 50 DMA