December 1, 2012
Mish's Daily
By Mish Schneider
Inside day to end the week just shy of an improved phase change to bullish in S&P 500. Inside day in Russell 2000 which confirmed the bullish phase. NASDAQ confirms the warning phase, again with an inside day and the DOW the same. Add that up, the week indicates that the market has confidence in not only a fiscal cliff resolution as all phases improve, but also that the inside days ending the week leave investors nimble enough in case things go terribly wrong.
S&P 500 (SPY) 142.51 clears the 50 DMA and last week's high. Otherwise, 141.40 support to hold then 141.00.
Russell 2000 (IWM) Technically broke its 9 day up streak if you count the slightly negative close as a reversal. What's more important is that it held the 50 DMA and worked off the overbought daily RSI. So, that's basically it-the way it breaks on Monday should help to set the tone for the day and possibly the week.
Dow (DIA) 129.75 line in the sand especially after the inside day.
NASDAQ 100 (QQQ) 66.28 the overhead 50 DMA resistance as we will watch to see if this does indeed clear or if it can hold the 200 DMA at 65.50.
ETFs:
GLD 3 distribution days in volume last week indicating that the failure is most likely still in play. 165.38 last week's low with a break good reason to look at 165.50 next support.
SLV Sitting on the 50 DMA which has to hold to maintain the better phase.
XLF (Financials) Inside day with a range now 15.70 to hold and 15.85 to clear.
IBB (Biotechnology) Bearish engulfing on the 50 DMA. An inflection point
SMH (Semiconductors) closed the week above 32.00 and with an inside day.
XRT (Retail) DOJI day and seems like it could be just resting.
IYT (Transportation). Broke back down under the 200 DMA but unless that follows through, could be a healthy rest and nothing more.
IYR (Real Estate) Cleared the 200 DMA for an improved phase change.
TBT (Ultrashort Lehman 20+ Year Treasuries) Over 60.92 good
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