April 22, 2012
Mish's Daily
By Mish Schneider
Inside day in S&P 500 (SPY), Russell 2000 (IWM), DIA. Nearly one in NASDAQ (QQQ), which actually held up pretty well considering the dump in AAPL. 2 occurrences of inside days last week, a really interesting short-term trading pattern during a time when the market is trying figure out if it wants higher or if more correction's in store. Volume patterns favor the bears, but volume is only one layer.
S&P 500 (SPY) Inside day and hovering on the 50 DMA which is actually inclining a bit in slope. SPY has to trade above 139.25 or break below 137.
Russell 2000 (IWM) Warning Phase intact but Friday did little to clarify which way the 3 week trading range will break
Dow (DIA) Holding the 50 DMA and ended with a hammer candle.
NASDAQ 100 (QQQ) Took out last Thursday's low on Friday by just a few ticks making it nearly an inside day. But, it is hanging onto to the 50 DMA for dear life which means a gap lower should be ominous for the whole market. Clearly, the world awaits AAPL earnings.
GLD If Friday's action was a rally after the death cross, very unimpressed. Unless it gaps up over 160, continues to look like more downside
XLF (Financials) Not a pretty week for a sector that has to hold up. On the 50 DMA so all is not lost yet
IBB (Biotechnology) Closed the week out in a bull phase which is one positive sign
SMH (Semiconductors) Warning Phase which considering the failure at the gap fill, now not such a good sign. But, recent swing low at 33.82 could hold since it is now approaching oversold.
XRT (Retail) Inside day to end the week. Looking at the reversal pattern from the all-time high print, phase is bullish but not convincingly so until it tackles that high.
IYT (Transportation) Inside day to end the week and equally indecisive
IYR (Real Estate) Best performer! 63.00 the 2011 high to clear. But since it looks strong, even a correction would look ok provided it holds the 50 DMA
OIH (Oil Services) Once the aftermath of Halliburton's earnings simmered down, so did the price action in this ETF.
XLE (Energy) Attempted the 200 DMA, then substantially retreated.
TBT (Ultrashort Lehman 20+ Year Treasuries) Looks in no hurry to rally.
Every day you'll be prepared to trade with:
