July 25, 2012
Mish's Daily
By Mish Schneider
Low volume and inside day in S&P 500 and Russell 2000, both with very different looking charts. In this mess of a market, the clearest thought that comes to mind, is to either buy SPY over Wednesday's high or be prepared to short IWM under Wednesday's low (and anything else that has been under pressure but not oversold. NASDAQ has some post AAPL NFLX wounds to heal.
S&P 500 (SPY) Another day of negative pivots making Wednesday's high even more compelling to clear
Russell 2000 (IWM) Over Wednesday's high also returns it back above the 200 DMA. Otherwise, more trouble
Dow (DIA) Unconfirmed bull phase with a DOJI-Not quite an inside day, but a follow the way the range breaks looks like a good plan
NASDAQ 100 (QQQ) Aside unless it gaps above Wednesday's high
ETFs:
GLD Nice gap after we began to see signs of a rally on Tuesday.
XLF (Financials) Unconfirmed phase change to recovery with the 200 DMA 14.12.
SMH (Semiconductors) Surprise mover today but until we get 2 closes over the 50 DMA, could be just some short covering as chart remains vulnerable. 30.50 remains pivotal
IYR (Real Estate) Has to clear Wednesday's highs or could be vulnerable under 7/12 low-oversold though so tough short in bull phase
USO (US Oil Fund) Over Wednesday's highs and could fill gap to 34.00
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