December 26, 2011
Mish's Daily
By Mish Schneider
SPY Made it to the 200 DMA at 126.10. Question is as we now approach overbought on the 2-Day RSI, will it stick around there?
QQQ: Could not quite make it to the 200 DMA 56.16 with its super light volume. It is not overbought, therefore still a good indicator here not only because we need to see the leaders step in (AAPL back over 400) but also price action maintain above 55.60 levels.
IWM: A doji day-no surprise. It did not clear 74.67 Thursday's high on the close, so until a trendline breaks with velocity, not that impactful. The 200 DMA at 76.32. Otherwise, under today's low, could see another trip to the 50 DMA 72.30.
ETFs:
GLD* (Narrow Range 118) Would like to see some distance between current price and the 200 DMA.
XRT (Retail) Inside day. We have been looking at this range now for some time. Like to see this either blast through 54.00 or would not discount another drop closer to 50.00.
XLF* (Financials) Back to a recovery phase and closer to recent resistance as it approaches overbought. 12.83 now an area to hold. 13.50 resistance.
IYT (Transportation) 90.55 high 12/05. Also needs to clear with some oomph or we can view the past 4 days up as a run to the top of the recent trading range since August.
IYR (Real Estate) Could not clear the October 27th high last week closing just shy of the 200 DMA and now approaching overbought.
IBB (Biotechnology) Overbought on the 2-Day RSI as it approaches the top of a channel.
SMH (Semiconductors) Marginal since closed right on the 50 DMA and 30.60 number we wrote about, eking out an unconfirmed phase change.
OIH (Oil Service) 116.44 last week's high has to clear or could see a drop to 113, now support.
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