Let's Play the Numbers $SPY $QQQ $IWM

July 23, 2012

Mish's Daily

By Mish Schneider

Low volume sell off in the market. But what is most interesting to me is where support levels are in the indexes and many of the sectors and groups and how those areas held up. Need some follow through of course, but let's go to the numbers. Note-lots of earnings coming out the days ahead.

S&P 500 (SPY) 133.50 is the 50 DMA and really, the most important area to watch since at this point, still in a bullish phase. 135.60 is the fast moving average with a move above enough confirmation to bring back buyers so it would seem

Russell 2000 (IWM) More worrisome here since it barely held the 50 DMA after doing such a nice job of it a couple of weeks ago. It also touched the 200 DMA and the 65 weekly moving average. Over 78.10 will exhale some, otherwise, approaching oversold which means would not necessarily short, but rather, exercise even more patience on getting long.

NASDAQ 100 (QQQ) Similar situation. Held the 50 has to clear the fast-short term negative based on pivot stack but holding a bullish phase

ETFs:

GLD Outperformed the market again-watching 153.50 now as resistance or point to clear.

XLF (Financials) Loved the 200 DMA. Held it, rallied from it and closed above the 50 DMA.

IBB (Biotechnology) If July closes out under 130, would see that as a key reversal to its beautiful uptrend

SMH (Semiconductors) Managed to close above 30.50, the area I have been writing about as support.

XRT (Retail) 7/12 swing low 57.58 but this is now under the 50 DMA. Need some clarity on which way this group wants to go from here

IYT (Transportation) Devil came out to play as this gapped under the 200 DMA, then it spent the rest of the day creeping up.

IYR (Real Estate) 63.67 the 7/12 swing low to hold.

USO (US Oil Fund) I love shorting oil. Only problem is intraday, there was no clear entry after the huge gap lower.

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