August 25, 2011
Mish's Daily
By Mish Schneider
SPY Filled that gap and put together yet another Distribution Day in volume. Started out the week talking about the 120.08 close pre downgrade. Now, ending the week looking to see if it can hold the 200 weekly moving average at 115.33. If it does, perhaps the buyers will come back next week.
DIA Another reason to hope-MACD crossed positive. Looking for a close above the 200 weekly moving average (has yet to close beneath). 111.30 area has been pivotal-would follow that area up or down.
QQQ No gap fill, closed under 52.00. Back above 52.61 maybe new life. Otherwise, support at 50.00 and then we are looking at 45.00.
IWM At this point, over 70.00 is encouraging. Otherwise, let's see what happens at the 200 weekly moving average 65.49. Buzz about the bearish engulfing pattern. Often we have seen inside days that follow. That makes today's low/high important areas to watch.
ETFs:
GLD As long as 170.33 holds, next stop the adaptive moving average.
SLV Held Wednesday's low and had an inside day closing strong and above the adaptive moving average. 40.74 next resistance. In some ways, looks better than GLD.
USO At this point, will enter if rallies and closes above 33.64.
SMH Hit the no loss stop. Now, since it could not rally, looking at a possible short unless it clears today's high.
TLT** Inside day and still negative pivots so must clear 108.11 to resume the move up.
SKF Must clear 82.20
SDS Must hold 24.10
TWM Bullish engulfing pattern, should hold 54.85.
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