Houston, We Have A Problem $DIA $SPY $QQQ $IWM

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Today was a very strange. Of course the most noteworthy event today was Nasdaq’s technical problems which halted trading for 3 hours, practically bringing the market to a standstill while people waited for Nasdaq to get their system running again. Trading resumed at 3:25 EST to a quick burst of volatility. However, there was not a widespread panic which led to any severe moves in the market. It did not seem to alter the market very much. However, I am sure it did not bode well for investor confidence. Although from a purely technical point of view one has to be encouraged. The S&P 500 (SPY) closed above the 50 DMA, bringing it into an unconfirmed bullish phase. The Russell 2000 (IWM) not only held the 50 DMA, it closed above the 10 DMA. Nasdaq (QQQ) managed to close above recent highs and the 10 DMA. And the Dow Jones Industrial Average had it’s first green day in six days, and closed with an inside day.

S&P 500 (SPY) Cleared the upward sloping 50 DMA, bringing this index into an unconfirmed bull phase.

Russell 2000 (IWM) Held the 50 DMA and cleared the 10 DMA.

Dow (DIA) Inside day. First green day after six days down.

Nasdaq (QQQ) Continued higher after trading resumed. 76.19 is an important level to hold.

ETFs:

XLF (Financials) Watch for today’s low to hold. Looks poised to break the 50 DMA. Still in a warning phase.

SMH (Semiconductors) Sideways consolidating action. Watch for today’s low to hold.

XRT (Retail) Inside day.Confirmed warning phase.

IYT (Transportation) Broke strongly out of its inside day and cleared the 50 DMA. Now in an unconfirmed bull phase.

IBB (Biotechnology) Closed above the 10 DMA and is looking strong.

IYR (Real Estate) Inside day. Watch for today’s low to hold and the high to break.

XHB (Homebuilders) Above the 200 DMA but under the 50 DMA. Holding support but under resistance.

GLDSideways consolidating action. Watch for 131.39 to hold.

OIH (Oil Services)Sprung above the 50 DMA this morning and closed above the 10 DMA. Now in an unconfirmed bull phase.

XLE (Energy) Closed just shy of the 50 DMA after a nice move up today.

XOP (Oil and Gas Exploration)now in an unconfirmed bullish phase.

TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day. Dropped sharply near the close, but held yesterday’s low.

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