April 23, 2012
Mish's Daily
By Mish Schneider
Today, all 4 indexes made hammer candles. This could be significant in that Hammer candlesticks occur when price moves significantly lower after the open, but rebounds to close well above the low. Is the market trying to find a bottom?
S&P 500 (SPY) Held an exponential moving average in its now confirmed warning phase.
Russell 2000 (IWM) Held an exponential moving average in its current warning phase.
Dow (DIA) Held an exponential moving average in its unconfirmed warning phase.
NASDAQ 100 (QQQ) Held an exponential moving average in its unconfirmed and weak warning phase.
GLD Gave us the gap lower but now holding a weekly moving average
IBB (Biotechnology) Holding onto the bull phase, which is a positive sign
SMH (Semiconductors) Held recent swing low at 33.82 and now oversold
XRT (Retail) Hammer Candle and hanging onto the 50 DMA-over today's high looks ok
IYT (Transportation) Yet another hammer candle
IYR (Real Estate) Provided 61.50 holds up, still like the chart in this ETF
XLE (Energy) Possible reversal after making new lows and closing on intraday highs
TBT (Ultrashort Lehman 20+ Year Treasuries) Possible reversal after making new lows and closing on intraday highs
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